The Saudi National Shipping Company “Bahri” signed a purchase agreement on Tuesday with Capital Maritime & Trading Corporation to acquire nine Very Large Crude Carriers (VLCCs) for approximately 3.75 billion SAR (around $1 billion). In a statement on the Saudi Stock Exchange (Tadawul), the company said this acquisition would significantly accelerate Bahri’s fleet modernization plans, reinforcing its leading position among the world’s largest VLCC owners. The transaction is expected to enhance Bahri’s fleet competitiveness, increase its revenues, and increase its profitability by securing greater income from these eco-friendly, more modern tankers with high energy efficiency, which will in turn reduce operational costs. Bahri stated that the acquisition would be financed through a combination of bank facilities and internal cash resources, noting that most of the nine tankers were built in South Korea, with an average age of 5.9 years. The tankers are equipped with exhaust gas cleaning systems and advanced energy-efficient solutions to reduce carbon emissions and minimize environmental impact. The average deadweight tonnage of each of these tankers is approximately 311,500 tons. The acquisition will contribute to the modernization of Bahri’s fleet, particularly in the crude oil transport sector, which currently operates a fleet of 40 VLCCs, facilitating the smooth phasing out of aging vessels from the fleet in the future.