Bahri to buy two used VLCCs for $157m
DUBAI, October 27, 2015
National Shipping Co 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 Co 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
