Bahri has signed a 10-year Contract of Affreghtment (COA) with Korean petroleum and refinery company S-Oil Corporation for the transport of crude oil.

From the third quarter 2015 Bahri will transport the crude on its VLCCs from the Gulf and Red Sea to Korea, generating minimum annual revenues for the Saudis of SAR250m ($66m).

S-Oil has spot chartered Bahri's ships frequently over the past 10 years. The new deal will give Bahri access to cargoes bound for the Arabian Gulf and the East, as S-Oil gains increased flexibility.