Bahri Dry Bulk Signs Agreement with Hyundai Mipo Dockyard to Build Four Bulk Carriers
Bahri Dry Bulk, a business unit of Bahri, which is a global leader in transportation and logistics, has actually signed on Friday, 3 Dhu Al-Hijjah 1438 (25 August 2017) a contract valued at USD 120 million, to purchase 4 bulk service providers from Hyundai Mipo Dockyard, a member of Hyundai Heavy Industries (HHI) Group, which owns one of the biggest state-of- the-art shipyards worldwide.
The contract was signed in Dubai, UAE, in the existence of Mr. Ali Al-Harbi, Acting Chief Executive Officer of Bahri, Mr. Nezar Banabeela, President, Bahri Dry Mass, Mr. Sam. H. Ka, President & COO, Hyundai Heavy Industries (HHI) Group, along with other executives from both the firms.
With construction starting promptly, each vessel will certainly be developed to the highest possible environmental, fuel-efficiency and safety criteria, with an ability to carry as much as 80,000 metric loads each trip, and will certainly be delivered throughout the year 2020.
"Bahri's long-standing partnership with Hyundai Heavy Industries Group births statement to the success of the bilateral ties between Saudi Arabia and South Korea, and Bahri and HHI's shared values for long-lasting growth. HHI Group brings decades of knowledge in shipbuilding and its sustained focus on quality has added to their placement as one of one of the most highly-regarded names in the industry," stated Ali Al-Harbi, Acting Chief Executive Officer of Bahri.
" The addition of 4 new vessels to our fleet is strongly aligned with Bahri's long-term technique for development and diversification. Upon shipment, the vessels will add towards the growing demand Bahri Dry Bulk is observing for the import of essential grains such as barley, wheat and corn into the Kingdom," added Al-Harbi.
Nezar Banabeela, President of Bahri Dry Bulk, commented, "For Bahri Dry Bulk, the extra vessels will certainly help to deal with the needs of customers in KSA and the region along with worldwide companies importing grains into the Kingdom. This, consequently, will certainly enable food safety for the Kingdom, and via this effort, we are proud to play an active function to accomplishing a vital goal of Saudi Arabia's Vision 2030."
Sam. H. Ka, President & COO of HHI, said: "We are recognized to more expand the scope of our partnership with a transportation and logistics leader like Bahri. Ours is a long and special connection that has actually advanced over years, and over the course of which we have effectively provided many various other ships to Bahri including VLCCs."
