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World’s largest crude ship owner renews contract with Saudi defense ministry

Published: Updated:

Saudi Arabian shipping company Bahri, the world’s largest owner of Very Large Crude Carriers (VLCCs), said on Sunday that it received approval from Saudi Arabia’s Ministry of Defense to renew a shipping and transport services contract for an additional year.

The contract, valid until September 9, 2020, will see its value increase by 10 percent to 421.7 million riyals ($112.4 million), Bahri said in a statement to the Saudi Stock Exchange, also known as Tadawul.

Bahri’s shares were up 1.45 percent at 31.80 riyals after the announcement was made on Tadawul.

Bahri is 22 percent-owned by the Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), and 20 perccent-owned by Saudi Aramco Development Company. The remaining shares are listed on Tadawul.

The firm is currently the largest owner of chemical tankers in the Middle East region. Its vessels are designed to transport goods domestically and across borders.