Bahri Dry Bulk places 120m order with Hyundai Mipo Dockyard to purchase four bulk carriers

August 28, 2017: Bahri Dry Bulk has signed an agreement valued at USD 120 million, to purchase four bulk carriers from Hyundai Mipo Dockyard, a member of Hyundai Heavy Industries (HHI) Group, which owns one of the largest state-of- the-art shipyards in the world.

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.

“Bahri’s 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,” said Ali Al-Harbi, acting CEO of Bahri.

“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,” added Al-Harbi.

Nezar Banabeela, president of Bahri Dry Bulk, commented, “For Bahri Dry Bulk, the additional vessels will help to address the needs of customers in KSA 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.”

Sam H Ka, president & COO of HHI, said, “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.”