According to a recent publication by Bloomberg, Bahri, the Saudi shipping giant, is gearing up for a significant expansion of its fleet as it aims to enhance its role in the nation’s trade landscape. CEO Ahmed Al-Subaey expressed excitement about this pivotal moment for the company during an interview.
The National Shipping Company of Saudi Arabia, known as Bahri, is strategically positioning itself to capture more business from key sectors such as oil and chemicals. This move aligns with Saudi Arabia’s broader economic vision that emphasizes domestic growth through the development of new industries like technology and manufacturing.
A crucial part of this strategy involves fostering partnerships among local companies. For instance, state-owned Saudi Aramco—recognized globally as the largest crude oil exporter—also has a stake in Sabic, one of the leading chemical manufacturers worldwide.
Currently managing only 15% of Aramco’s international oil shipments, Bahri sees substantial potential for growth by tapping into previously unserved routes between major ports on both the Persian Gulf and Red Sea. Al-Subaey noted that entering these markets presents an exciting opportunity given their current low market penetration.
This week marked a milestone for Bahri with its announcement regarding an order for six bulk cargo carriers—the first ever built domestically in Saudi Arabia—through International Maritime Industries (IMI). The deal is valued at $205 million and includes options for two additional vessels set to be delivered before 2030.
Furthermore, plans are underway to acquire 20 very large crude carriers (VLCCs) from IMI between 2029 and 2030. With a current fleet of 50 VLCCs already operational, this expansion could position Bahri as a leading global operator in this category.
The contracts with IMI are part of an extensive agreement that could see Bahri adding up to 52 new vessels over the next decade from their joint venture partner IMI—a shipyard located at Ras Al Khair on the Persian Gulf coast co-owned by Aramco along with international firms like Lamprell Energy Ltd. and Hyundai Heavy Industries Co.
In totality, Bahri aims to increase its fleet size significantly by adding over 90 ships—almost doubling its existing count of 108 vessels according to Al-Subaey’s projections.
