Saudi shipping company Bahri has signed a contract with International Maritime Industries (IMI) for the construction of three new Very Large Crude Carriers — VLCCs.

The total value of the deal is approximately SAR 1.692 billion, or around $451 million.

This puts the estimated cost of each tanker at roughly $150 million.

Each vessel will have a deadweight of around 320,000 tonnes and will be built at IMI’s shipyard in Saudi Arabia.

Delivery of the new VLCCs is scheduled to take place progressively between 2029 and 2030.

Bahri said the tankers will incorporate advanced technologies designed to improve energy efficiency and reduce operating costs.

The construction programme will be financed through a combination of the company’s own funds and bank financing.

The order forms part of Bahri’s long-term strategy to renew and expand its fleet serving the global crude oil transportation market.

At the same time, the contract represents another important step in the development of Saudi Arabia’s domestic shipbuilding industry.

International Maritime Industries is developing a major shipbuilding complex at Ras Al-Khair on Saudi Arabia’s eastern coast and is positioned as one of the largest integrated maritime industrial facilities in the Middle East and North Africa.

Bahri itself is a shareholder in IMI, holding a 19.9% stake in the company.

Other participants in the joint venture include Saudi Aramco, HD Hyundai Heavy Industries and Lamprell.

The latest order increases the number of Bahri vessels contracted for construction at IMI to nine ships.

In addition to the three VLCCs, the programme includes six Ultramax bulk carriers, which are scheduled for delivery between 2028 and 2029.

The contract for those six vessels, valued at around SAR 762 million — approximately $203 million, marked an important milestone in the development of large-scale commercial shipbuilding inside Saudi Arabia.

Bahri already has experience working with IMI and South Korean shipbuilders in the VLCC segment.

In 2021, the company took delivery of the tanker Rayah, with a deadweight of around 319,000 tonnes, built in South Korea under an earlier cooperation and technology-transfer programme.

The new VLCCs, however, will be built directly in Saudi Arabia.

The project is in line with Saudi Vision 2030, which includes efforts to localise industrial production, including shipbuilding, repair and maritime services.

Bahri has also been actively expanding its tanker fleet.

In 2025, the company completed the acquisition of nine modern VLCCs from Capital Maritime & Trading for $1 billion, significantly increasing its capacity in the crude oil transportation segment.

Bahri remains one of the world’s largest VLCC operators, with a single vessel of this class capable of carrying roughly 2.2 million barrels of crude oil.

The new order for three 320,000-dwt VLCCs will not only expand Bahri’s tanker fleet, but also mark another major step in Saudi Arabia’s ambition to build a fully developed domestic shipbuilding industry.