National Shipping Company of Saudi Arabia (Bahri) said on Tuesday its board had approved the purchase of two used oil tankers from a subsidiary of South Korea's Daewoo Shipbuilding and Marine Engineering Company for $157 million.

The company will take delivery of the two very large crude carriers (VLCCs) between November 15 and January 31, Bahri said in a bourse statement.

The financial impact of the deal will be seen in the first quarter of 2016, Bahri said without elaborating. - Reuters