Photo: Evangelos Marinakis, founder and chairman of Capital Maritime & Trading Corp.
Greek shipowner Evangelos Marinakis-controlled Capital Maritime and Trading Corporation will sell nine VLCCs to the National Shipping Company of Saudi Arabia (Bahri) in a $1bn deal.
The company said it would be paying SAR 3.75bn ($1bn) to acquire the scrubber-fitted nine very large crude carriers (VLCCs).
The shipowner Capital Maritime and Trading Corporation agreed to deliver the VLCCs to Bahri in multiple batches before the end of Q1-2025.
As for the payment schedule, it was agreed that Bahri will pay 10% of the total transaction amount upon signing the purchase agreement, while the remaining 90% to be paid upon delivery of the vessels.
As it is reported, “the transaction will be financed by a mixture of banking facilities and internally generated funds.”
The majority of the nine VLCCs are built in South Korea, with an average age of 5.9 years. These are scrubber-fitted VLCCs and equipped with high energy efficiency and low emission features to reduce environmental impact.
The average deadweight tonnage of each VLCC is around 311,500.
The transaction, which has been finalized on August 19, will modernize Bahri’s fleet, particularly its oil transport business unit, which currently operates a fleet of 40 VLCCs, and enable it to streamline the process of phasing out older vessels.
Meanwhile, the VLCCs will be utilized by Bahri Oil Transport business unit to deliver crude oil cargoes for its customers.
Bahri believes that this deal will boost both its revenues and profitability, as the company will benefit from the higher earnings from these modern eco-scrubber ships. It also expects reduced operating expenses by these VLCCs.
