The National Shipping Company of Saudi Arabia (Bahri) has raised SAR1.425bn ($380m) in Islamic financing to pay for five VLCC newbuildings.

Bahri said it signed a Murabaha Facility Agreement with Riyad Bank to finance five VLCCs ordered at Hyundai Samho Heavy Industries last April.

The facility is for is 10 years and six months with a maximum two years grace period.