Bahri, APICORP Set Up USD 1.5 Bn Fund
The National Shipping Company of Saudi Arabia (Bahri) and the Arab Petroleum Investments Corporation (APICORP) have inked an agreement on July 17 to launch the USD 1.5 billion APICORP Bahri Oil Shipping Fund (ABOSF) aimed at acquiring 15 Very Large Crude Carriers (VLCCs).
According to MANA,The fund will assist Bahri in increasing its VLCC fleet and will be realized in three phases with the total investments composed of debt and equity, according to Bahri.
APICORP will be the main investor and fund manager, whilst Bahri will be exclusive commercial and technical manager. In addition, APICORP will invest 85 percent in the fund, with Bahri investing the remaining 15 percent.
Bahri’s fleet currently consists of 36 VLCCs and ten newbuild orders scheduled for delivery in 2017/18
APICORP will be the main investor and fund manager, whilst Bahri will be exclusive commercial and technical manager. In addition, APICORP will invest 85 percent in the fund, with Bahri investing the remaining 15 percent.
Bahri’s fleet currently consists of 36 VLCCs and ten newbuild orders scheduled for delivery in 2017/18