The National Shipping Company of Saudi Arabia (Bahri) [4030.SE] has signed a Murabaha loan facility worth SAR1.425 billion with Riyad Bank, to finance the construction cost of the five VLCCs currently being built by Hyundai Samho. The loan facility has a ten-year term, with a grace period of two years, and the collateral will include mortgaging the VLCCs to the bank upon receiving the ships. Earlier in May 2015, Bahri signed the construction of the five VLCC’s agreement with Hyundai Samho which included that  the five VLCC’s would be delivered in 2017, and the option to extend the construct to five additional VLCC’s, if needed. (Company disclosure)