Bahri Completes $1 Billion Acquisition of Nine VLCCs with Delivery of Final Vessel, Strengthening Position as World’s Largest Operator
Bahri Oil, the oil transportation business unit of Bahri – The National Shipping Company of Saudi Arabia and one of the world’s leading players in logistics and shipping – has officially completed its landmark $1 billion (SAR 3.75 billion) Very Large Crude Carrier (VLCC) acquisition. The milestone was achieved with the successful delivery of the ninth and final vessel, BURQAN, marking the conclusion of a transformative fleet expansion program announced less than a year ago.
The acquisition, conducted through a strategic transaction with Capital Maritime & Trading Corp., a Greece-based global shipping company, was first unveiled in August 2024. Within a period of just 12 months, Bahri has managed to bring all nine newly built vessels into its fleet, reinforcing its operational capacity and market leadership. This development now expands Bahri’s VLCC fleet to 50 vessels, securing its status as the world’s largest owner and operator of VLCCs and setting a new benchmark in the maritime industry.
A Transformational Fleet Expansion
For Bahri, this nine-vessel acquisition represents one of the most significant investments in the company’s long history. The strategic expansion not only increases the size of its fleet but also enhances the technical capabilities and efficiency of its shipping operations. With the completion of this program, Bahri’s total owned fleet across all segments surpasses 100 vessels as of the second quarter of 2025, reflecting the company’s steady growth trajectory and long-term ambition to remain a global maritime leader.
The nine VLCCs, all constructed in South Korea, are fitted with advanced scrubber systems designed to minimize sulfur emissions in compliance with the International Maritime Organization’s (IMO) 2020 regulations. In addition, the vessels are equipped with state-of-the-art energy-efficient technologies, making them more fuel-efficient and environmentally sustainable compared to older models. By adopting these innovations, Bahri has not only expanded its fleet but also strengthened its commitment to supporting global decarbonization efforts and international environmental standards.
Strategic Importance and Saudi Vision 2030
The expansion aligns closely with the Kingdom of Saudi Arabia’s Vision 2030, an ambitious national transformation program aimed at diversifying the economy and establishing Saudi Arabia as a world-class hub for trade, logistics, and maritime services.
Commenting on the milestone, Hisham Al Nughaimish, President of Bahri Oil, stated:
“Achieving a fleet of 50 VLCCs represents a pivotal milestone in Bahri Oil’s growth journey. This expansion enhances our capacity to meet the evolving demands of global energy markets, while advancing Saudi Arabia’s Vision 2030 goal of becoming a world-class logistics hub. These vessels not only grow our fleet but also ensure it remains future-ready with cutting-edge, sustainable technologies.”
His remarks highlight the dual purpose of the acquisition: addressing the immediate commercial need to transport rising volumes of crude oil globally, while also positioning Bahri to thrive in a future shipping environment increasingly defined by sustainability, digitization, and energy transition.
Global Market Impact
The delivery of nine new VLCCs significantly bolsters Bahri’s ability to service international oil producers, refiners, and traders, especially at a time when global energy markets are experiencing increased volatility and demand fluctuations. With energy transportation playing a vital role in global trade, Bahri’s enlarged fleet ensures it can offer its clients greater reliability, flexibility, and cost efficiency in managing their shipping requirements.
This expansion also enhances Saudi Arabia’s influence in global maritime trade. By operating the largest VLCC fleet in the world, Bahri not only strengthens the Kingdom’s export capabilities but also supports its broader ambition to become a leading international maritime logistics hub.
Industry experts note that such an expansion will enable Bahri to respond swiftly to global energy demand surges, reposition vessels across strategic routes, and optimize utilization rates. In a competitive shipping market, scale and efficiency are critical, and Bahri’s enlarged fleet provides a distinct strategic advantage.
Financial Performance and Growth Momentum
The fleet expansion follows a period of strong financial performance for Bahri. In the first quarter of 2025, the company reported net profits of SAR 533 million, representing an 18% year-on-year increase. This growth was driven by improved fleet agility, favorable market conditions, gains from vessel sales, and continued diversification across multiple shipping segments including oil, chemicals, dry bulk, and general cargo.
By investing in technologically advanced vessels, Bahri expects to further enhance operational efficiency, reduce long-term costs, and strengthen profitability. The acquisition of modern, fuel-efficient VLCCs is expected to generate significant returns over the coming years, particularly as global trade volumes and energy demand continue to evolve.
Commitment to Sustainability and Innovation
In addition to its financial and operational benefits, the acquisition demonstrates Bahri’s unwavering focus on sustainability and innovation. All nine vessels are fitted with scrubber systems to reduce sulfur oxide emissions, which are among the most harmful pollutants produced by maritime shipping. Moreover, the vessels employ energy-efficient propulsion systems, optimized hull designs, and advanced fuel management technologies that significantly cut greenhouse gas emissions.
By embracing such innovations, Bahri not only complies with current international environmental regulations but also positions itself to meet stricter emissions targets expected in the coming decades. The company has consistently emphasized that growth in shipping must be sustainable, and this acquisition underscores its proactive approach to environmental stewardship.
Strengthening Bahri’s Global Leadership
As Saudi Arabia’s national shipping carrier, Bahri plays a vital role in advancing the Kingdom’s maritime leadership. Through its integrated business units – covering oil transportation, chemicals, logistics, dry bulk, and ship management – the company provides comprehensive end-to-end shipping and logistics solutions to clients worldwide.
The completion of this $1 billion VLCC acquisition is more than just a fleet expansion. It is a strategic statement that underscores Bahri’s commitment to driving innovation, enabling sustainable trade, and expanding Saudi Arabia’s presence in global markets. With the world’s largest VLCC fleet, Bahri is uniquely positioned to shape the future of energy transportation, set new benchmarks in operational excellence, and further consolidate its reputation as a trusted global partner in shipping and logistics.
The successful delivery of BURQAN, the ninth and final vessel, marks the culmination of a historic investment for Bahri. Yet, it also signals the beginning of a new chapter. With its expanded, technologically advanced fleet, Bahri is poised to capitalize on emerging opportunities in global energy trade, support Saudi Arabia’s Vision 2030 objectives, and lead the industry toward a more sustainable future.
As global trade continues to evolve, Bahri’s ability to combine scale, innovation, and sustainability will remain central to its strategy. The company’s journey from a national carrier to the world’s largest VLCC operator is a testament to its ambition, resilience, and vision – qualities that will continue to shape its growth in the years ahead.