National Shipping Company of Saudi Arabia (Bahri), a leader in logistics and transportation, revealed that its business unit, Bahri Dry Bulk, has signed an agreement worth $120 million with South Korea's Hyundai Mipo Dockyard, a member of Hyundai Heavy Industries (HHI) Group, to build four bulk carriers.

The agreement was signed in Dubai, UAE, in the presence of Ali Al Harbi, acting CEO of Bahri; Nezar Banabeela, president, Bahri Dry Bulk; and Sam H Ka, president and chief operating officer (COO), Hyundai Heavy Industries (HHI) Group, in addition to other executives from both the companies, said a statement.

With construction commencing immediately, each vessel will be built to the highest environmental, fuel-efficiency and safety standards, with a capacity to carry up to 80,000 metric tonnes per voyage, and will be delivered during the year 2020, it said.

Al Harbi said: “Our long-standing relationship with Hyundai Heavy Industries Group bears testimony to the success of the bilateral ties between Saudi Arabia and South Korea, and Bahri and HHI’s shared values for long-term growth.”

“HHI Group brings decades of expertise in shipbuilding and its sustained focus on quality has contributed to their position as one of the most highly-regarded names in the industry,” he said.

“The addition of four new vessels to our fleet is firmly aligned with our long-term strategy for expansion and diversification. Upon delivery, the vessels will contribute towards the growing demand Bahri Dry Bulk is witnessing for the import of essential grains such as barley, wheat and corn into the kingdom,” he added.

Banabeela said: “For Bahri Dry Bulk, the additional vessels will help to address the needs of customers in Saudi Arabia and the region as well as international companies importing grains into the kingdom.”

“This, in turn, will enable food security for the kingdom, and through this initiative, we are proud to play an active role towards achieving an important objective of Saudi Arabia’s Vision 2030,” he said.

H Ka added: “We are honoured to further extend the scope of our partnership with a transportation and logistics leader like Bahri.”

“Ours is a long and special relationship that has evolved over many years, and over the course of which we have successfully delivered many other ships to Bahri including VLCCs,” he added.- TradeArabia News Service