Bahri renews 10-Year contract of affreightment with South Korean refiner

ONSAN, October 20, 2025 – Saudi shipping and logistics company Bahri has renewed a 10-year contract of affreightment (COA) with South Korea’s S-Oil for the transport of crude oil from Saudi Arabia to South Korea, Bahri announced on Thursday.

Under the terms of the COA, Bahri will transport a minimum of around 70 million barrels of oil per year from Gulf and Red Sea ports to Onsan in South Korea aboard VLCCs. The commercial terms of the contract were not disclosed. However, Bahri noted the deal is one of the most significant in the company’s recent history and would utilise a meaningful share of its VLCC fleet, which comprises 50 vessels and is one of the largest globally.

“This agreement will further enhance our fleet utilisation, expand employment routes across key trade corridors and continue delivering world-class shipping solutions that support the global energy supply chain,” said Bahri CEO Ahmed Ali Al Subaey.

Seoul-headquartered S-Oil operates one of South Korea’s largest integrated refining and petrochemicals businesses. The company sources most of its crude oil feedstock from the Middle East.

“We are pleased to extend our partnership with Bahri, a company that has consistently demonstrated reliability, efficiency and commitment to service excellence. This renewed agreement ensures continued access to Bahri’s state-of-the-art VLCC fleet, reinforcing our supply chain resilience and supporting our strategic growth plans for the next decade,” said Anwar Al Hejazi, CEO of S-Oil.

Photo courtesy of Bahri

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