The National Shipping Company of Saudi Arabia (Bahri) announces that the company signed contracts with Hyundai Samho Heavy Industries (HSHI) to build 5 very large crude carriers VLCCs with an option for additional 5 more VLCCs. These carriers will be delivered during 2017. The financial impact of these contracts will appear after the delivery of the vessels.

These VLCCs are designed to the latest international technical specifications and are fitted with environmentally-friendly specifications and high efficiency in fuel consumption, with a capacity of 300,000 DWT/ per carrier. The signing of these contracts is for continuous renewal of the current fleet to meet the needs of the local and global markets. The Company will announce the financing details at a later time.