Bahri, the National Shipping Company of Saudi Arabia and a global leader in maritime transportation and logistics, has signed a landmark murabaha financing agreement with Alinma Bank, a leading bank in the kingdom, to secure financing to support its fleet modernisation programme.

 

Under the terms of the facility agreement, Alinma Bank will extend a credit facility worth $756 million to partially finance the purchase of nine state-of-the-art Very large Crude Carriers (VLCCs) intended to streamline the process of phasing out older vessels, to further strengthen its position as a global leader in maritime logistics and transportation, said a statement from Bahri.

 

Strategic fleet modernization has always been a core focus of Bahri’s strategy. Leveraging the kingdom's strategic location, the company has been actively expanding into new sectors and global markets, it added

 

"We are delighted to partner with Alinma Bank to finance one of our significant fleet modernization drives," said  Basil Abulhamayel, the Chief Financial Officer at Bahri after signing the deal with Jameel AlHamdan, the Chief Corporate Banking Group at Alinma Bank in the presence of senior officials.

 

"The enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, aligning with our long-term strategic goals," noted Abulhamayel. 

 

"With these strengthened capacities, we are confident in supporting the Kingdom's vision to become a global leader in maritime and logistics in line with Vision 2030," he added.

 

AlHamdan expressed delight at funding one of Bahri’s key strategic vessels acquisitions in recent years. 

 

"This collaboration aligns with our ongoing commitment to Vision 2030 and supports our strategic initiatives to enhance Alinma Bank’s position as the preferred financial partner for the public and private sectors," he added.-TradeArabia News Service