Saudi Arabian tanker giant Bahri is reportedly in “advanced” talks for its first series of Chinese-built VLCC newbuildings.
Shipbuilding sources say the Saudi Arabian tanker giant is looking to order four 307,000-dwt crude carriers from Dalian Shipbuilding Industry Co.
Discussions were described as “at an advanced stage”, with some sources claiming a letter of intent had been signed.
If the deal is firmed up, it would mark the company’s first newbuilding contract in China and a break with tradition.
Bahri, one of the world’s largest VLCC owners, has a fleet of 39 VLCCs, all built by South Korea’s leading shipyards: Hyundai Heavy Industries, Samsung Heavy Industries and the then Daewoo Shipbuilding & Marine Engineering, now Hanwha Ocean.
The rest of its fleet of 100 ships, which includes bulkers and multipurpose vessels, were also built in Japan or South Korea.
Officials at Dalian were unavailable for comment, while Bahri has yet to respond to a request from TradeWinds for confirmation and comment.
The price of the fresh deal has yet to emerge, but Dalian is said to have offered Bahri 2026 and 2027 delivery slots.
Greek owner Pantheon Tankers reportedly paid about $120m per ship when it ordered two VLCCs in May.
Shipbuilding observers believe Bahri will likely pay more as newbuilding prices have steadily increased due to strong demand and berth shortages.
News of Bahri’s VLCC plans has been circulating in the shipbuilding market for some time.
Last month, the shipowner was reported to be backing compatriot shipbuilding newcomer International Maritime Industries, whose stakeholders include oil giant Saudi Aramco, Bahri and HHI.
Bahri holds 20% and is said to have agreed to build about 20 VLCCs at the yard.
In May, Bahri was reported to have bought four modern secondhand VLCCs from SM Korea Line — the 300,800-dwt sister ships SM White Whale 1 and SM White Whale 2, and the 299,700-dwt SM Venus 1 (all built 2019) and SM Venus 2 (built 2020).
The company was said to be paying an average of about $116m each for the scrubber-fitted quartet.
