PIF-Aramco shipping JV Bahri to issue sukuk worth $1bn

RIYADH: The National Shipping Co. of Saudi Arabia, also known as Bahri, has announced its plans to issue SR3.9 billion ($1.04 billion) worth of sukuk, a Shariah-compliant bond.

The offer is intended to refinance the Saudi shipping giant’s existing sukuk which will mature later this year, according to the filing.

Bahri, which is a joint venture between Saudi Aramco and the Public Investment Fund, operates a fleet of 89 tankers and container ships that transport oil, petrochemicals, and other types of cargo.