Complex Made Simple

Aramco sells marine unit to Bahri for $1.3bn

Saudi Aramco has said it has sold its Vale marine unit to Saudi National Shipping Co (Bahri) for $1.3bn in cash and shares, Reuters has reported. The deal will make Bahri the world's fourth largest owner of very large crude carriers (VLCC). The merger of ships, staff and business systems would leave Bahri with 77 vessels in its fleet, including 32 VLCCs. According to the terms of the deal, Bahri will become the exclusive long-term provider of VLCC crude oil shipping services to Saudi Aramco.