Saudi's Bahri signs 700M riyal loan for oil tankers

The National Shipping Company of Saudi Arabia has signed a 700 million riyal ($186.7 million) loan to partly-finance the purchase of three very large crude carriers (VLCCs), the company known as Bahri said in a bourse filing on Thursday.

It said the loan, provided by Alinma Bank and covering 80 percent of the value of the ships being acquired, would run for ten years.

It would be repaid in semi-annual instalments starting from six months after the loan's signing date, with the final payment consisting of 30 percent of the loan amount, the statement added.