The National Shipping Company of Saudi Arabia (Bahri) has signed a deal with South Korea’s Hyundai Samho Heavy Industries (HSHI) for five very large crude carriers (VLCCs) in a deal rumoured to be worth $1bn.

Talks have been taking place for several months regarding the deal, which could eventually also include an order for a further five vessels.

Bahri has said that it plans to add as many as 29 new vessels to its fleet in the coming years, which could bring its total fleet up to as many as 60 carriers.