Saudi Arabia's Bahri has signed a memorandum of understanding (MOU) with International Maritime Industries (IMI) and Hyundai Heavy Industries (HHI) regarding the construction of new very large crude carriers (VLCCs).
As part of the agreement, Bahri will place its first vessel order with IMI before the end of July 2019.
Following the placing of the order, IMI will engage HHI as a sub-contractor to build the vessel in South Korea. HHI, in turn, will help facilitate the transfer of knowledge enabling IMI to independently build VLCCs to international shipbuilding standards in Saudi Arabia.