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Tanker Shipping & Trade

Tanker Shipping & Trade

VLCC business is booming between Bahri and HHI

Tue 13 Jun 2017 by Edwin Lampert

VLCC business is booming between Bahri and HHI
Delivery of the VLCC Maharah presages 'significant collaborative plans' between HHI and Bahri

Bahri has underlined its position as the world’s largest owner and operator of VLCC’s by taking delivery of its 38th VLCC, the 300,000 dwt Maharah. The contract also speaks of its close relationship with Hyundai Heavy Industries (HHI), evidenced by the 26 vessels delivered to date and further eight VLCCs on order, three of which will be delivered this year.

“HHI and Bahri are set to alter the course of the global shipping industry,” said HHI president and chief executive K Yoon. He was referring not only to the vessels Bahri has on order but “other significant collaborative plans in the discussion or planning phase.”

For Bahri board member Ahmed Ali Al-Subaey, the timing of Maharah’s delivery “could not have been better”. “In current times, fleet growth is critical to offsetting low spot market rates,” he said.

Bahri Oil, one of Bahri’s six business units, will be responsible for the commercial operation of Maharah. Bahri Oil has several long-term contracts with first-class charterers, with volumes exceeding its owned fleet capacity.

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