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HomeMaritime NewsRegionsMiddle East & AfricaBahri inks $380m in Islamic financing for VLCC newbuilds

Bahri inks $380m in Islamic financing for VLCC newbuilds

Bahri inks $380m in Islamic financing for VLCC newbuilds
The National Shipping Company of Saudi Arabia (Bahri) has raised SAR1.425bn ($380m) in Islamic financing to pay for five VLCC newbuildings.

Bahri said it signed a Murabaha Facility Agreement with Riyad Bank to finance five VLCCs ordered at Hyundai Samho Heavy Industries last April.

The facility is for is 10 years and six months with a maximum two years grace period.

TAGS: Tankers Finance & Insurance Shipyards Regions VLCC Bahri
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