Bahri Dry Bulk, a 60/40 joint venture with ArabianAgricultural Services Co (Arasco), ordered the 82,000-dwt vessels at Japan’sOshima Shipbuilding in April 2012.
The partnership has now clinched a SAR 420m ($112m) loanthat will cover 70% of the cost.
Bank Albilad is providing the Shariah compliant financingfacility for a period of 11 years including a maximum of one year grace period.
The five vessels will be mortgaged to Bank Albilad ascollateral for the financing.
Bahri
