Bahri subsidiary signs $120 million contract with South Korean ship builder for 4 bulk carriers

Above, the shipyards of South Korean ship builder Hyundai Heavy Industries in Ulsan southeast of Seoul. (Reuters)
Updated 27 August 2017

Bahri subsidiary signs $120 million contract with South Korean ship builder for 4 bulk carriers

DUBAI: The National Shipping Company of Saudi Arabia (Bahri) on Sunday said ts subsidiary Bahri Dry Bulk Company has signed a $120 million contract (SR450 million) to buy four bulk carriers from South Korean ship builder Hyundai Heavy Industries.
Bahri Dry Bulk Company, which is 60 percent owned by Tadawul-listed Bahri, will take delivery of the ships by the first half of 2020, a disclosure to the stock exchange noted.
The company, which is expanding the fleet to meet the needs of the local and global markets, said financial impact of the contract to acquire the carriers will appear after the delivery of the vessels.
“The new vessels, with a capacity of 80,000 metric tons per carrier, are designed to the latest international technical specifications and are fitted with environmentally-friendly specifications and enjoy high efficiency in fuel consumption,” Bahri said.
Bahri last month reported a steep 68% decline in second-quarter profit to SR153.9 million from SR487.7 million last year, and pointed to lower spot market rates particularly on oil transport during the period.
The company also blamed the increase in bunker costs during the quarter, which resulted into higher bunker prices when compared with the similar period a year ago.
Revenues were also lower at SR1.3 billion in the second quarter versus the year-ago SR1.8 billion level.
Bahri earlier announced it will invest SR522.38 million and hold a 19.9 percent stake in a joint venture with Saudi Aramco, Lamprell, and Hyundai Heavy Industries that will build and operate a maritime yard at Ras Al Khair Industrial City, northeast of the Kingdom.


Saudi Aramco appoints Mark Weinberger to Board of Directors

Updated 05 April 2020

Saudi Aramco appoints Mark Weinberger to Board of Directors

  • Weinberger, who replaces Andrew Gould, also serves as a director on the boards of Johnson & Johnson and Metlife
  • Weinberger was an active member of the US government, having worked across different administrations

DUBAI: Oil giant Saudi Aramco has appointed the former chairman of global firm EY (previously known as Ernst & Young) Mark Weinberger as an independent member to its board of directors, the company said in a statement.

Weinberger, who replaces Andrew Gould, also serves as a director on the boards of Johnson & Johnson and Metlife.

He is a member of several boards of trustees, including the United States Council for International Business (USCIB).

“I am honored to be joining the board of Aramco at this important time in the company’s history and world events,” Weinberger said.

Weinberger was an active member of the US government, having worked across different administrations – from George W. Bush to Donald Trump.