Credit facility availed will be used to partially fund the acquisition of nine oil tankers
Bahri, the National Shipping Company of Saudi Arabia has signed a landmark Murabaha Financing Agreement with Alinma Bank to secure financing to support its fleet modernization program.
Basil Abulhamayel, Chief Financial Officer, Bahri and Jameel AlHamdan, Chief Corporate Banking Group, Alinma Bank, signed the agreement on behalf of their respective organizations. Senior executives from both sides were present at the signing ceremony.
Under the terms of the facility agreement, Alinma Bank will extend a credit facility worth US$ 756mn (SAR 2.835bn) to partially finance the purchase of nine state-of-the-art Very large Crude Carriers (VLCCs) intended to streamline the process of phasing out older vessels, to further strengthen its position as a global leader in maritime logistics and transportation.
Financial capabilities
“The enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, aligning with our long-term strategic goals,” commented Abulhamayel.
“This collaboration aligns with our ongoing commitment to Vision 2030 and supports our strategic initiatives to enhance Alinma Bank’s position as the preferred financial partner for the public and private sectors,” commented AlHamdan.
Strategic fleet modernization has always been a core focus of Bahri’s strategy. Leveraging the Kingdom’s strategic location, the company has been actively expanding into new sectors and global markets.
