Bahri Signs $451 Million Deal With IMI for Three Crude Carriers
Saudi Arabia's national shipping company is buying three 320,000-DWT tankers from a shipbuilder it partly owns, with deliveries split between 2029 and 2030.
Bahri, Saudi Arabia's national shipping company, has signed a contract worth $451 million (SAR 1.69 billion) with International Maritime Industries to build three very large crude carriers.
The deal was disclosed in a filing on the Saudi Exchange on Sunday and signed on October 22, 2026. Each tanker will carry 320,000 deadweight tons, giving the three vessels a combined 960,000 DWT. Deliveries are scheduled in phases between 2029 and 2030.
The ships will be fitted with energy-efficiency technology. Bahri did not disclose their specifications or the fuel savings it expects from them. The financial impact will be booked once the tankers enter commercial service.
Construction will be paid for from internal cash and bank facilities. Bahri did not detail how the funding will be split.
Bahri shares traded at $9.27, or SAR 34.80, at 11:11 am Arabia Standard Time, down 1.42%. Market capitalization stood at about $8.56 billion (SAR 32.12 billion) as of October 25, 2026.
IMI is a related party. Bahri owns 19.9% of the shipbuilder, and Bahri's chief executive and board member Ahmed Ali Al-Subaey sits on IMI's board.
A second order in a year
The crude carrier contract follows an October 2025 agreement worth $203 million (SAR 762 million) for six geared Ultramax dry bulk carriers, each with 62,823 DWT of capacity. Those vessels are due for delivery between 2028 and 2029.
Across the two deals Bahri has ordered nine ships, split between crude oil and dry bulk transport, adding to IMI's order book.
Bahri reported second-quarter 2026 revenue of $1.68 billion (SAR 6.31 billion), up 156% year over year, and net profit of $733.3 million (SAR 2.75 billion), up 574%. Higher tanker freight rates, more trading days and expanded activity in chartered vessels supported the result. Operating cash flow reached $674.7 million (SAR 2.53 billion), and net debt to EBITDA was 0.72 times.
The group owned 107 vessels at the end of June, after acquiring five chemical tankers and selling an older crude carrier.
Founded in 1978, Bahri operates in crude oil, chemicals, dry bulk cargo and integrated logistics. In 2025 it completed a $1 billion purchase of nine modern secondhand VLCCs from Capital Maritime & Trading Corp. It is pursuing domestic shipbuilding and acquisitions abroad as it modernizes the fleet.
Because Bahri both orders from and owns a slice of IMI, part of the contract value returns to it through that 19.9% holding, and the new tankers arrive as the Ultramax deliveries wind down. Building at home also gives the company yard capacity it does not have to source overseas, alongside the secondhand purchases it has used to grow quickly.
The contract was announced alongside the Saudi Maritime & Logistics Congress. On a 2026 ranking of the 100 most valuable companies in the Middle East, Bahri placed 58th, and Alsubaey ranked eighth in the transport and logistics category of a 2026 regional sustainability leaders list.
