FINANCIAL NEWS

Bahri, S. Korean ship builder ink USD120mn deal for 4 bulk carriers

28 Aug 2017

(MENAFN) The National Shipping Co of Saudi (Bahri) proclaimed that its subsidiary Bahri Dry Bulk Co. has inked an USD120mn deal to purchase four bulk carriers from S. Korean ship builder Hyundai Heavy Industries.

Furthermore, Bahri Dry Bulk, which 60 percent is owned by Tadawul-listed Bahri, will take delivery of the ships by the first half of 2020.

In addition, the firm, which is increasing the fleet to meet the requirements of the regional and global markets, proclaimed fiscal impact of the deal to acquire the carriers.

However, the firm last month posted a steep 68 percent fall in second-quarter profit to SR153.9mn from SR487.7mn last year.

MENAFN2808201700450000ID1095779967

MENAFN2808201700450000ID1095779967

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