Saudi Arabia’s Bahri is said to be selling the last remaining MR2 crude/product tanker in a fleet predominantly comprised of VLCCs and chemical/product tankers.
Market sources are widely reporting that a deal is being finalised in which the 49,000-dwt Bahri Tulip (built 2006) is sold to an as-yet unknown buyer for $18.4m.
Bahri inherited the Bahri Tulip as Zaurak Star, along with three sister ships when it merged with the fleet of oil giant Saudi Aramco’s tanker subsidiary Vela International in 2012.
Although Bahri operates a significant fleet of IMO-type chemical/product tankers through Bahri Chemicals, the Bahri Tulip and its three sisters lacked the necessary chemical capabilities, rendering them ineligible for inclusion in this specialised fleet.
The quartet was placed into the Maersk Tankers MR Pool in 2019. Starting in 2023, Bahri began selling them off as their dry-dockings came due.
The first to go was the Bahri Iris (built 2005). In April 2023, it was sold for an undisclosed price to Pioneer Global Shipping of Hong Kong.
More VLCCS on the way
S&P Global data shows the ship as operating under the name Pioneer in the fleet of Dubai-based SPM Shipping, a tanker company affiliated with cash buyer Best Oasis.
Also sold that month was the Bahri Jasmine (built 2005), which went to Imza Marine of Turkey for $18.3m. It now trades under the name Petronilla.
The Bahri Rose (built 2006) was sold in November 2023 for $18m to Hong Kong-registered single-ship owner Corniola Ltd, for which it trades as the Nord Star.
Once the Bahri Tulip deal has been concluded, Bahri will have a tanker fleet comprising 38 VLCCs and 32 product/chemical tankers.
The VLCC fleet will soon be boosted by two modern units acquired last December from the fleet of Al Iraqia Shipping Services & Oil Trading.
