Bahri Receives Newbuild General Cargo Vessel from Hyundai MIPO

The National Shipping Company of Saudi Arabia (Bahri) announces that it has received today, 30th April 2013 in South Korea, a new vessel specialized in general cargo with a size of 26,000 DWT.

The ship was named Bahri Hofuf and it was built by Hyundai MIPO in South Korea. This is the second vessel delivered from the six vessels that were contracted by the Company with this shipyard in 2011 for a total value of SAR 1,543 million.

Bahri is an internationally renowned shipping conglomerate specialized in the transportation of oil & gas, petrochemicals, general cargo and dry bulk. It also services the rapidly growing petroleum, petrochemical and infrastructure sectors of the Kingdom of Saudi Arabia. These new vessels are built at Hyundai’s MIPO Dockyard in Korea for a price of USD $70 million for each vessel which have been designed for ultimate efficiency and performance.

The new RoCon vessels are specialized in carrying general and project cargo and several other types of RoRo cargo. These vessels are equipped with loading bridge with a capacity of 250 tons and heavy lift cranes with a capacity of 240 tons enabling them to load different type of goods. These vessels are unique in their smaller size compared to the current fleet and have more cargo lifting capabilities with lower fuel consumption. It is estimated that these lighter weight new vessels will consume 45% less fuel thereby decreasing the fuel cost.

Bahri has four general cargo vessels remaining under construction at Hyundai MIPO in South Korea with delivery expected to take place during 2013 and the first half of 2014.

The financial impact of the delivered vessel (Bahri Hofuf) on the Company’s revenue will materialize during the second quarter of 2013.