Saudi Arabia’s Bahri Chemicals inks charter deal for 9 chemical tankers
Saudi Arabia's national shipping carrier, Bahri, announced that its business subsidiary, Bahri Chemicals, has signed a long-term time charter agreement with United Arab Chemical Carriers Limited, based in Dubai (UACC).
“This transaction is a testament to the resilience of Bahri Chemicals’ business and operations and represents the normal progression of our long-term strategy implementation. The addition of the vessels further underscores that we are well on track to achieve our fleet expansion plans and is closely tied to our ongoing newbuilding program,” stated Eng. Abdullah Aldubaikhi, CEO of Bahri.
From April 2021 onwards, nine UACC IMO2 medium range (MR) chemical tankers will join Bahri Chemicals' fleet, taking the total number of vessels of the same class operated by the company to 31.
Bahri Chemicals is currently building ten advanced, eco-design, wide-beam IMO2 MR tankers at Hyundai Mipo Dockyard in South Korea, with delivery scheduled for 2022.
Bahri Chemicals has a fleet of 23 chemical tankers, including 22 IMO2 MRs and one IMO2 LR, as well as five commodity tankers, which provide maritime transportation to customers in the chemicals, clean petroleum products, and vegetable oils industries.
In a year marred by the COVID-19 pandemic, Bahri announced a 153 percent rise in annual net profit for the fourth quarter of 2020, from SAR 621 million ($ 165.5 million) in 2019 to SAR 1.6 billion.
Revenue increased by 28% year on year to SAR 8.4 billion, up from SAR 6.6 billion the previous year.
Despite the difficulties of the year, the good performance of Bahri's business units was credited with the significant increase in earnings.
Maritime Business World