The National Shipping Co. of Saudi Arabia (Bahri) on Wednesday signed a syndicated Murabaha facility worth $350 million (SAR 1.31 billion) with Standard Chartered Bank, Arab National Bank (ANB), Bank Aliblad and National Bank of Abu Dhabi, the company said in a statement to Tadawul.

 

The ten-year facility will be used to finance the construction of five very large crude carriers (VLCCs), whose contracts were signed with South Korea’s Hyundai Samho Heavy Industries in July 2015.

 

The Saudi shipbuilder was granted a 22-month grace period, as the vessels will be mortgaged to the banks as the collateral for the financing.

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