The National Shipping Company of Saudi Arabia (Bahri) has inked a Murabaha Facility Agreement with Riyad Bank over the weekend to fund an order for five very large crude carriers it made with Hyundai Samho Heavy Industries.
The Islamic financing facility was secured with Riyad Bank and is valued at Saudi Riyals 1.425b ($380m).
The contract period is 10 years and 6 months including a maximum of 2-year grace period.
Bahri signed a contract with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, according to a statement published last May.
The delivery is scheduled for 2017.