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Bahri looks to invest heavily in gas carriers and tankers
Saudi state shipping company signs deal with Suez Canal Authority and enters US$400M, seven-year partnership with Saudi government-backed programme
Bahri has signed a non-binding agreement with the Suez Canal Authority (SCA) aimed at providing maritime transport services in the Egyptian market.
The memorandum of understanding (MoU) is a non-binding, renewable six-month agreement to work towards forming a joint Egyptian shareholding company engaged in maritime transport services in Egypt.
"Under the terms of the MoU, the two parties will discuss the potential of owning, leasing, hiring and operating ships to transport general goods, including dry bulk, chemicals, oil, petroleum products and liquefied gas, to meet the demands of the local market," Bahri said.
The agreement was signed by Bahri Dry Bulk president Mohammed Bin Battal and Suez Canal Authority board member Jamil Al Sayyed Abul Khair. SCA chairman Admiral Osama Rabie and Bahri chief executive Ahmed Ali Alsubaey attended the ceremony along with Saudi government undersecretary Badr bin Ibrahim Al-Badr.
Separately, Bahri entered into a US$400M, seven-year capital investment agreement targeted at "specialised gas transport vessels".
"With a focus on greater efficiency, sustainability and cost management during the plan period to ensure continuity of competitiveness and appropriate returns for the company’s shareholders, this investment will be through acquisition or fleet construction in line with the expected growth in demand in the Kingdom and the world for gas transport," Bahri said.
The level of capital investment during the period between 2024-2030 is planned to reach SAR1.53Bn (US$407M), in line with the company’s long-term investment cycle.
The deal involves support from Saudi Arabia’s Private Sector Partnership Reinforcement Programme (Shareek), to help Bahri "achieve its long-term ambition to diversify the transport fleet".
The project will be funded through the company’s internal cash flow in addition to bank financing, according to Bahri.
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