Bahri, a global leader in logistics and transportation, has announced the signing of a Memorandum of Understanding (MoU) with International Maritime Industries (IMI) and Hyundai Heavy Industries (HHI) to build new Very Large Crude-oil Carriers (VLCCs).
As part of the agreement, Bahri is committed to issuing IMI its first order before the end of July 2019. Following the placing of the order, IMI will engage HHI as a sub-contractor to build the vessel in South Korea. HHI, in turn, will help facilitate the transfer of knowledge, enabling IMI to independently build VLCCs to international shipbuilding standards in Saudi Arabia.
Commenting on the MoU, Mr Abdullah Aldubaikhi, CEO of Bahri, said: “Committed to playing a pivotal role in the transformation of the Kingdom into an important regional and global logistics and transportation hub, Bahri has been exploring new horizons for industry cooperation to take its vision forward. This agreement, which further strengthens our strong strategic relationship with IMI and HHI, signifies a major development in this direction, and we are confident it will provide a boost to our ongoing efforts aimed at enhancing our offerings and bolstering our capabilities. We look forward to a fruitful collaboration that will immensely benefit our customers and shareholders.”