Saudi tanker giant Bahri has started to firm up its commitment to placing newbuilding orders at a new compatriot yard it has invested in.
The state-owned company announced it sealed a memorandum of understanding with International Maritime Industries (IMI) and Hyundai Heavy Industries (HHI) to build new VLCCs.
As part of the deal, Bahri will issue IMI its first order before the end of July, and IMI will subcontract the ship to HHI for construction in South Korea.
