Riyadh - Mubasher: National Shipping Company of Saudi Arabia (Bahri) signed a SAR 762 million ($203 million) contract with the International Maritime Industries (IMI) for six dry bulk carriers, according to a press release.

The partnership marks the Kingdom’s first large-scale shipbuilding project, reinforcing its objectives to create a globally competitive maritime ecosystem under Vision 2030.

It will also back the Saudi Inc. initiative, which aims to enhance integration among major Saudi companies and promote the localization of supply chains.

The new build vessels will be constructed at IMI’s shipyard in Ras Al-Khair, the most advanced full-service maritime facility in the MENA region.

Ahmed Ali Al Subaey, CEO of Bahri, said: “Through our partnership with International Maritime Industries to launch the first large-scale national shipbuilding program, we are not only modernizing our fleet but also laying the foundations for a sustainable and globally competitive maritime sector.”

“The construction of these new carriers will enable us to expand and elevate our service level into strategic markets, enhance the resilience of supply chains, and deliver long-term value to our customers and stakeholders, fully aligned with the ambitious objectives of Saudi Vision 2030,” Al Subaey mentioned.

This agreement fosters Bahri’s commitment to strengthening Saudi Arabia’s maritime industry, supporting the local economy, and contributing to creating a new supply chain ecosystem that enhances the Kingdom’s global trade competitiveness.

Meanwhile, the Ultramax vessels are expected to be in batches between 2028 and 2029.

In the six-month period that ended on 30 June 2025, Bahri posted net profits valued at SAR 940.27 million, while the revenues amounted to SAR 4.62 billion.