UACC in first deal with Bahri Chemicals

This is believed to be the first transaction by UACC since the announcement of a merger agreement by United Overseas Group, a company controlled by well-known shipping entrepreneurs Peter Georgiopoulos and Leonidas Vrondissis.

The transaction consists of nine UACC IMO2 MR chemical tankers joining Bahri Chemicals’ fleet from April 2021 onward, bringing the total number of vessels of the same class that Bahri Chemicals operates to 31.

Bahri chief executive Eng Abdullah Aldubaikhi commented “We are delighted to announce the successful addition of UACC’s nine IMO2 MR chemical tankers to our fleet under a long-term time charter agreement. This transaction is a testament to the resilience of Bahri Chemicals’ business and operations and represents the normal progression of our long-term strategy implementation.”

He added, “The addition of the vessels further underscores that we are well on track to achieve our fleet expansion plans and is closely tied to our ongoing newbuilding programme. The UACC vessels are known to us as we managed them in the past, and as sister ships with the same specifications and high standards as our chemical fleet, they will strengthen our capabilities to offer premium services to a wide range of clients worldwide.”

“With a significantly larger fleet, we are better equipped to capture new and emerging opportunities in the market, delivering superior value to Bahri’s shareholders,” added Mr Aldubaikhi.

Bahri Chemicals has 10 advanced, eco-design, wide-beam IMO2 MR tankers under construction at Hyundai Mipo Dockyard in South Korea with delivery scheduled for 2022.

Bahri Chemicals currently owns a fleet of 23 chemical tankers, including 22 IMO2 MRs and one IMO2 LR, as well as five product tankers providing maritime transportation to a global customer base across the chemicals, clean petroleum products, and vegetable oils industries.