Saudi Arabian shipping giant Bahri has renewed its long-term contract of affreightment (COA) with South Korean refiner S-Oil, extending a partnership that has been in place for two decades.
The 10-year agreement will see Bahri continue to transport crude oil cargoes on VLCCs from the Arabian Gulf and Red Sea to Onsan, South Korea, moving a minimum of around 70m barrels annually.
The deal is viewed as one of Bahri’s most significant commercial commitments in recent years, securing steady employment for part of its 50-strong VLCC fleet and providing “predictable revenue streams” amid volatile tanker markets.
Bahri said the renewal strengthens its strategic ties with S-Oil and underscores both companies’ focus on reliability and long-term cooperation in energy logistics.
“This renewal reaffirms the mutual trust and long-standing partnership between Bahri and S-Oil,” said Bahri CEO Ahmed Ali Al-Subaey, adding that it enhances our fleet utilisation and supports global energy connectivity.
S-Oil CEO Anwar Al-Hejazi said the extended partnership ensures continued access to Bahri’s modern VLCC fleet, reinforcing the refiner’s supply chain resilience and growth plans for the next decade.
