The National Shipping Company of Saudi Arabia (Bahri) is buying a secondhand VLCC from Hanjin Shipping.

Bahri said it had signed a Memorandum of Agreement (MoA) buy the 2011-built Hanjin Ras Tunura for $75m. The vessel will be delivered to Bahri in March.

Bahri is continuing to build up its fleet and last week announced it was acquiring five MR Tankers from Scorpio Tankers.