The bilateral deal was inked in Riyadh on Tuesday and involves ships and crews from each country being given special status when calling at each other’s ports, the Yonhap news agency said.

According to Korea’s ministry of oceans and fisheries, this will significantly enhance the safety of South Korean ships and their crew members in Saudi Arabia.

"In addition, it will contribute greatly to reducing the risk involved in shipping energy as the country imports over 2.8m