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Element List	Explanation
Introduction	Reference to the announcement of The National Shipping Company of Saudi Arabia (“Bahri”) on Saudi Exchange dated 09 Ramadan 1438H (corresponding to 04 July 2017G) regarding the establishment of the International Maritime Industries Co. (“IMI”), Bahri announces that it signed on Wednesday 01 October 2025 a purchase agreement with IMI to build and deliver six Geared Ultramax Dry Bulk Vessels.
Date of Announcement of the Award	2025-10-01 Corresponding to 1447-04-09
Contract Subject Matter	Build and deliver six Geared Ultramax Dry Bulk Vessels to Bahri.
The Entity with Which the Contract was Signed	International Maritime Industries Company (IMI).
Date of Signing the Contract	2025-10-01 Corresponding to 1447-04-09
Contract Value	Approximately SAR 762 million (USD 203 million).
Contract Details	• IMI to build and deliver six Dry Bulk Vessels with a capacity of 62,823 DWT each. • The estimated cost of building all six vessels is approximately SAR 762 million. • The vessels type will be geared “Ultramax” that is designed to deliver significant operational flexibility and efficiency enabling it to access ports with limited infrastructure. • It is planned that IMI will deliver the vessels to Bahri in batches between 2028 and 2029.
Contract Duration	Expected delivery of the six vessels will be in batches between 2028 and 2029.
Financial Impact and the Relevant Period	Financial impact to be reflected on Bahri’s financial statements after receiving the vessels and upon the start of their commercial operations.
Related Parties	International Maritime Industries Co. is considered a related party as Bahri owns 19.9% of its capital. Also, there is indirect interest in this agreement for the board member Mr. Ahmed Ali Al-Subaey.
Additional Information	This agreement marks a strategic milestone for Bahri and its strategic plan to modernize and expand its fleet, where it is considered as the launch of Saudi Arabia’s first large-scale shipbuilding project, reinforcing the Kingdom’s ambition to create a globally competitive maritime ecosystem and to promote the localization of supply chains in line with Vision 2030 ambitious goals. It is also worth noting that the new geared Ultramax vessels are designed to deliver significant operational flexibility and efficiency. With their ability to access ports with limited infrastructure, they enable Bahri Dry Bulk sector to expand into niche markets and emerging trade routes. This adaptability reduced exposure to market volatility while enhancing resilience, competitiveness, and sustainability in a rapidly evolving industry. Bahri will fund the contract cost by a combination of the Company's internal cash resources and banking facilities.

The National Shipping Company of Saudi Arabia (Bahri) Announces the Signing of Purchase Agreement with International Maritime Industries Company (IMI) to build and deliver Six Dry Bulk Vessels