Bahri Chemicals concludes long-term time charter agreement with UACC for 9 IMO2 MR chemical tankers

Bahri business unit will cement its position as world's largest operator of chemical tankers in IMO2 MR class with 31 vessels

Riyadh - 15 March 2021

Bahri, a global leader in logistics and transportation, today announced that its business unit Bahri Chemicals has concluded a long-term time charter agreement with Dubai-headquartered international shipping company United Arab Chemical Carriers Limited (UACC). As part of the deal, nine UACC IMO2 MR (medium range) chemical tankers will join Bahri Chemicals' fleet from April 2021 onward, bringing the total number of vessels of the same class that it operates to 31.

Eng. Abdullah Aldubaikhi, CEO of Bahri, commented: "We are delighted to announce the successful addition of UACC's nine IMO2 MR chemical tankers to our fleet under a long-term time charter agreement. This transaction is a testament to the resilience of Bahri Chemicals' business and operations and represents the normal progression of our long-term strategy implementation. The addition of the vessels further underscores that we are well on track to achieve our fleet expansion plans and is closely tied to our ongoing newbuilding program."

"The UACC vessels are known to us as we managed them in the past, and as sister ships with the same specifications and high standards as our chemical fleet, they will strengthen our capabilities to offer premium services to a wide range of clients worldwide. With a significantly larger fleet, we are better equipped to capture new and emerging opportunities in the market, delivering superior value to Bahri's shareholders," added Aldubaikhi.

It is worth highlighting that Bahri Chemicals has 10 advanced, eco-design, wide-beam IMO2 MR tankers under construction at Hyundai Mipo Dockyard in South Korea with delivery scheduled for 2022.

Bahri Chemicals currently owns a fleet of 23 chemical tankers, including 22 IMO2 MRs and one IMO2 LR (long range), as well as five product tankers providing maritime transportation to a global customer base across chemicals, clean petroleum products, and vegetable oils industries.

Bahri (formerly known as NSCSA), press release