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Bahri Dry Bulk secures newbuild finance

Bahri Dry Bulk has secured SAR360m ($96m) from a Saudi bank to finance four bulk carriers ordered at Hyundai Mipo Dockyard last year.

The credit facility with Bank Albilad will be used to finance 80% of the agreement signed with the South Korean shipbuilder last August.

The Sharia-compliant credit facility will be paid over six months and has a 13 year tenure including three year grace period.

“We are pleased to collaborate with Bank Albilad to obtain this Sharia-compliant credit facility for purchasing the four carriers, which we signed in the fourth quarter of 2017 with Hyundai Heavy Industries (HHI) Group, to enable us to cater to the growing demand for the import of essential grains into KSA,” said Ali Al-Harbi, cfa of Bahri, parent of Bahri Dry Bulk.

Bahri Dry Bulk is a 60/40 joint between Bahri and Arabian Agricultural Services Company (ARASCO).

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