Two of Greek shipowner George Procopiou’s companies have signed memorandums of understanding with Saudi Arabian shipping giant Bahri that they claim will lead to “a remarkable collaboration between the Saudi Arabian and Greek private sectors”.

The agreements between Bahri and Dynacom, and Bahri Dry Bulk and Procopiou’s bulker company Sea Traders, covering both the tanker and bulker sectors, were signed on the sidelines of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud’s recent visit to Greece, the two companies said on Tuesday evening.

Both agreements are effective for a one-year period and although few concrete details were released on what exactly the terms of the agreements would cover, a media statement said they would “assist the companies’ existing capabilities, establish avenues to seamlessly transfer technology and services, and help develop prosperity within the landscape of both national economies”.

Bahri chief executive Ahmed Ali Alsubaie described the two agreements as being “significant”.

“With the signing of these two significant agreements, Bahri has taken yet another major leap towards improving the operational efficiency of our fleet and further establishing our organisation both regionally and globally,” he said.

“Dynacom and SeaTraders have developed impressive service portfolios, and we are excited to build a lasting relationship that embodies innovation and strengthens our country’s bilateral relations.”

Mohammed Bin Battal, president of Bahri Dry Bulk, said collaborating with Sea Traders was part of the bulker operator’s “ambitious pursuit” of expanding its market presence and growing parallel to other dry bulk shipping leaders.

“This new agreement gives leeway to a remarkable collaboration between the Saudi Arabian and Greek private sectors. It demonstrates our commitment to providing services of the highest standards to our customers,” Bin Battal said.

Bahri is one of the Middle East’s largest shipowners, with a fleet of 93 crude and product tankers, bulk carriers and multipurpose ro-ro container ships that are operated by subsidiaries Bahri Oil, Bahri Chemicals, Bahri Dry Bulk and Bahri Logistics.

Dynacom, through its subsidiaries Dynacom Tankers Management, Sea Traders and Dynagas, owns and operates a combined fleet of 129 vessels.

Both companies manage their ships through their own in-house ship-management divisions, and are known in the market for having cooperated closely for many years.