Saudi shipowner Bahri has firmed up an order for six geared ultramax bulk carriers at International Maritime Industries (IMI), marking the first bulk carrier newbuilding deal for the Ras Al-Khair yard.

The company said in a Tadawul filing that the 62,823 dwt vessels will cost around $203m in total, with deliveries due between 2028 and 2029. The order will be financed through a mix of internal cash and bank facilities.

IMI, touted as the most advanced shipbuilding complex in the Middle East and North Africa, is a joint venture between Saudi Aramco, Bahri, Lamprell and Hyundai Heavy Industries. Bahri holds a 19.9% stake in the yard.

The geared ultramax design will give Bahri added flexibility to call at ports with limited infrastructure, enabling the company to serve niche and emerging trades, the company noted.

“Through our partnership with International Maritime Industries to launch the first large-scale national shipbuilding program, we are not only modernising our fleet but also laying the foundations for a sustainable and globally competitive maritime sector,” said Bahri CEO Ahmed Ali Al-Subaey.

The deal also ties in with Saudi Arabia’s Vision 2030 strategy, which aims to localise supply chains and foster a competitive maritime cluster. Bahri’s dry bulk arm currently operates 13 bulkers. The six ultramaxes will significantly expand its presence in geared segments and act as a launchpad for Saudi Arabia’s first large-scale shipbuilding project.