Bahri taps IMI for Ultramax construction in Saudi Arabia’s first major shipbuilding project

Saudi National Shipping Company (Bahri) has commissioned domestic shipyard International Maritime Industries (IMI) to build six Ultramax bulk carriers, marking a milestone in the company’s fleet expansion strategy and Saudi Arabia’s first large-scale shipbuilding project.

IMI, in which Bahri holds a 19.9% stake, is a joint venture established by Saudi Aramco, Lamprell, Bahri, and Hyundai Heavy Industries. The yard offers newbuild, maintenance, repair, and overhaul services for a wide range of commercial vessels, including VLCCs, bulk carriers, offshore support vessels, and jack-up rigs.

Signed on 1 October, the contract is worth more than US$200M. In a stock exchange filing, Bahri said the 62,823-dwt bulk carriers are scheduled for delivery between 2028 and 2029. The company plans to finance the project through a mix of internal cash and bank facilities.

The vessels will be built at IMI’s Ras Al-Khair facility, described as the most advanced full-service maritime complex in the MENA region. Designed for operational flexibility, the geared Ultramax carriers can access ports with limited infrastructure, enabling Bahri Dry Bulk to expand into niche markets and emerging trade routes.

“The construction of these new carriers will enable us to expand and elevate our service level into strategic markets, enhance the resilience of supply chains, and deliver long-term value to our customers and stakeholders, fully aligned with the ambitious objectives of Saudi Vision 2030,” said Bahri chief executive Ahmed Ali Al-Subaey.