The National Shipping Company of Saudi Arabia (Bahri) has secured a loan to fund three VLCCs.

It has locked up a SAR 700m ($186.7m) facility with Alinma Bank, it told investors today.

The cheque will cover 80% of the cost of the tankers and run for 10 years.

It is the second major loan for the owner in as many months.

In early April it penned a $380m facility with Riyad Bank to finance the five tankers ordered at Hyundai Samho Heavy Industries in April 2015.

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