Saudi Arabia’s “National Ships, National Build” takes substantive steps. After years of preparation, International Maritime Industries (IMI), the world’s largest “super shipyard” built by a Chinese company, has officially received its first batch of commercial vessel orders, laying a solid foundation for the shipyard’s full-scale operation and the modernization of Saudi Arabia’s maritime industry.
6 Ships for 1.4 Billion! Bahri Signs Contract for First Batch of “Saudi-Made” Bulk Carriers
Recently, the Saudi National Shipping Company (Bahri) announced the signing of an agreement with the under-construction “super shipyard” International Maritime Industries (IMI) in Saudi Arabia to order six 62,823 dwt Ultramax bulk carriers. The new vessels are scheduled for delivery between 2028 and 2029, with a total value of approximately 762 million Saudi Riyals (equivalent to about USD 203 million or RMB 1.425 billion), translating to a unit price of USD 33.83 million.
For reference, Clarksons’ data shows that the current newbuilding price for a 61,000-64,500 dwt Ultramax bulk carrier is around USD 33.25 million, a 5% decrease from USD 35 million during the same period last year.
Bahri stated that these Ultramax bulk carriers feature a new design that combines high flexibility and operational efficiency, with the key highlight being their ability to call at ports with limited infrastructure. This characteristic will help Bahri’s dry bulk business expand into specialized markets and emerging trade routes, enhancing competitiveness and sustainability while reducing exposure to market volatility risks.
These will be the first “Saudi-made” vessels in Bahri’s fleet and are part of Bahri’s fleet modernization plan. Bahri CEO Ahmed Ali Al-Subaey said: “This agreement is a strategic milestone for Bahri and a pivotal moment for the Saudi maritime industry. By partnering with IMI to launch the first major national shipbuilding project, we are not only modernizing our fleet but also laying the groundwork for building a sustainable and globally competitive maritime industry.”
He pointed out that the construction of these new vessels will enable Bahri to further expand into strategic markets, improve service levels, enhance supply chain resilience, and create long-term value for customers and stakeholders.
Bahri stated that this project will become a crucial cornerstone for Saudi Arabia in implementing its national reform plan, “Vision 2030,” and strengthening its position as a global maritime hub. It will not only support the development of the Saudi maritime industry but also enhance the national economy and supply chain capabilities, boosting Saudi Arabia’s competitiveness in global trade.
It is understood that as Saudi Arabia’s national shipping company, Bahri owns and operates a fleet of 104 vessels, including 50 VLCCs, 33 /product tankers, 8 multipurpose vessels, and 13 bulk carriers, making it one of the world’s largest VLCC owners and operators.
The vast majority of vessels in Bahri’s fleet were built by Japanese and Korean shipbuilders. In June 2019, to realize Saudi Arabia’s dream of “National Ships, National Build,” Bahri signed a memorandum of understanding with IMI and Hyundai Heavy Industries to launch a fleet expansion plan for new VLCCs. In September of the same year, IMI officially announced receiving its first VLCC order from Bahri, which was also IMI’s first commercial shipbuilding contract. Subsequently, IMI hired HD Hyundai Heavy Industries as a subcontractor to build this VLCC at its Ulsan shipyard. In 2021, the 319,000 dwt “Rayah,” built by HD Hyundai Heavy Industries, was successfully delivered, becoming the first LNG-ready designed VLCC in Bahri’s fleet. However, following the “Rayah,” Bahri has not yet signed any subsequent VLCC orders with IMI.
World’s Largest “Super Shipyard,” Built by Chinese Company as General Contractor
For IMI, Bahri’s latest Ultramax bulk carrier order is expected to be the first batch of commercial vessels built by the shipyard. It is understood that IMI is a joint venture shipyard established in 2017 by the world’s largest oil company, Saudi Aramco, in partnership with Bahri, the Gulf region’s largest rig builder Lamprell, and South Korea’s largest shipbuilding group, HD Hyundai. HD Hyundai holds a 10% stake in IMI, Saudi Aramco holds 50.1%, Bahri holds 19.9%, and Lamprell holds 20%.
Information on IMI’s official website shows that the shipyard is the largest full-service shipyard in the Middle East and North Africa region, providing newbuilding and MRO (Maintenance, Repair, and Overhaul) services for commercial vessels including VLCCs, bulk carriers, offshore support vessels (OSVs), and offshore jack-up drilling rigs. The shipyard’s infrastructure incorporates state-of-the-art technologies covering artificial intelligence, biometrics, and the Internet of Things, thereby providing customers with cutting-edge advantages in the digital era.
According to information obtained by , the infrastructure of the IMI shipyard was built by a Chinese company as the general contractor. On November 26, 2018, PowerChina successfully won an EPC contract for the King Salman International Complex for Maritime Industries and Services project in Saudi Arabia with a value of USD 3 billion. This project was awarded to a consortium formed by PowerChina’s Shandong Electric Power Construction Co., Ltd. (SEPCO) and Sinohydro Corporation Limited, part of the PowerChina group. It was the largest lump-sum project won by PowerChina since its establishment.
The King Salman Shipyard project was personally laid the foundation for and named by King Salman. It is a crucial part of Saudi Arabia’s “Vision 2030” national reform plan. The project commenced construction in December 2019. The construction scope includes 3 repair docks, 3 shipbuilding docks, 1 offshore dock, 2 offshore slipways, 1 5,000-ton shiplift, 5 horizontal building berths, 5 pier wharves, and 10 coastal wharves, with a total quay wall length of 4,100 meters.
In April of this year, the No. 4 dry dock of the King Salman Shipyard project, constructed by PowerChina, was successfully completed and handed over. This is the largest dry dock in the Middle East, measuring 550 meters long, 75 meters wide, and 13.8 meters deep, involving a total of 126,000 cubic meters of concrete pouring. After its commissioning, the 550-meter length of the No. 4 dry dock can accommodate the simultaneous construction of two ships, with the capability to build VLCCs up to 90,000 tons. In June, the land-based engineering works for the project were fully completed, marking the readiness of IMI, the world’s largest “super shipyard” by scale, for ship repair and construction functions.
According to the plan, once the IMI shipyard is officially operational, it will be able to build 4 offshore drilling platforms and over 40 ships annually, including 3 VLCCs, significantly stimulating rapid local economic growth and upgrading Saudi Arabia from “National Oil, National Transport” further to “National Ships, National Build.” The project is expected to contribute USD 17 billion to Saudi Arabia’s GDP, replace USD 12 billion in imports, and create 80,000 job opportunities, powerfully advancing Saudi Arabia’s grand goals of “National Oil, National Transport” and “National Ships, National Build.
