Bahri Seals USD 126 Mn Loan for VLCC Duo

Bahri The National Shipping Company of Saudi Arabia (Bahri) has secured USD 126 million in financing with the Bank of Tokyo-Mitsubishi UFJ (BTMU) under the terms compliant with the Sharia law. Majority of the loan, specifically 80 percent, will be used to finance the two tankers Bahri purchased in October, 2015. The ships in question are two second-hand VLCCs, Blue Topaz and Blue Pearl, built in 2010 at Daewoo Shipbuilding & Marine Engineering Co (DSME) in South Korea for DK Maritime, the shipbuilders subsidiary. The purchase price was set at a total of USD 157 million and the second-hand tankers were delivered to Bahri in the first quarter of this year. The funding will mature in ten years and will be paid in equal quarterly installments, Bahri said. At the end of May, Bahri took delivery of the STI Powai, the fifth of five Medium Range tankers bought in February this year. The tanker was subsequently named to NCC Bader. All five vessels were built in 2014 at Hyundai Mipo Dockyard in South Korea for Scorpio Tankers Inc. They were bought for a total purchase price of USD 166.5 million. World Maritime News Staff