Saudi shipping company Bahri has inked a SR1.69 billion ($451 million) contract with International Maritime Industries (IMI) to build three very large crude carriers (VLCCs), further expanding its fleet and advancing Saudi Arabia’s domestic shipbuilding ambitions. The agreement, signed on Oct. 22, was disclosed in a filing to the Saudi Exchange on Oct. 25.
Each of the new vessels will have a deadweight capacity of 320,000 tonnes, with deliveries planned between 2029 and 2030. The order increases Bahri’s total number of vessels to be constructed within the Kingdom to nine, including six geared Ultramax dry bulk carriers previously ordered from IMI in October 2025. Those six dry bulk carriers, valued at SR762 million, are set for delivery between 2028 and 2029 and feature a capacity of 62,825 deadweight tonnes each. They are designed to operate in ports with limited infrastructure, enabling Bahri to access new trade routes and markets.
The new tanker contract will be financed by a mix of Bahri’s internal cash resources and banking facilities. The company indicated that this investment is an integral element of its fleet modernization strategy, aimed at helping it adapt to evolving demands in global energy and maritime sectors. The financial impact of the deal will be reflected in Bahri’s financial statements following vessel delivery and commercial deployment.
Bahri holds a 19.9 percent stake in IMI, and Bahri Chief Executive Officer and board member Ahmed Ali Al-Subaey also serves on the IMI board, as noted in the filing. This relationship highlights the closer strategic ties between the two entities in advancing Saudi Arabia’s maritime manufacturing capabilities.
The latest order builds on a period of significant fleet expansion for Bahri. In September 2025, the company completed a separate $1 billion acquisition of nine VLCCs from Greece-based Capital Maritime & Trading Corp. Those vessels, built in South Korea, complement Bahri’s growing fleet but differ from the domestically built ships in the current contract.
During the second quarter of 2026, Bahri continued to update its fleet, acquiring five chemical tankers and divesting an older VLCC. As of June 30, Bahri owned 107 vessels, with an additional two under long-term leases.
The company reported a net profit of SR2.75 billion for the second quarter, a 574 percent increase compared to the same period last year. This surge was primarily attributed to increased activity in its crude oil transportation business.