Saudi shipper Bahri agrees with APICORP launch $1.5b VLCCs fund

DUBAI: National Shipping Company of Saudi Arabia (Bahri) said on Sunday it signed a deal with Arab Petroleum Investments Corp. (APICORP) to launch a $1.5 billion investment fund that could buy up to 15 very large crude carriers (VLCCs). The fund will be seeded with $500 million (Dh1.84 billion) on three occasions, subject to conditions, Bahri said in a bourse statement, adding that it will subscribe to 15 per cent of the fund’s capital. APICORP will provide the remaining 85 per cent, and will be the manager for the fund and responsible for arranging finance, Bahri said. Bahri, in return, will be the technical and commercial manager for the fleet of tankers owned by the fund. (Reuters)