MoU intends to enable IMI to build its first VLCC for Bahri in South Korea providing IMI with world-class industry knowledge and experience
International Maritime Industries (IMI) announced today they had signed a Memorandum of Understanding (MOU) with long-term partners Hyundai Heavy Industries, Co., Ltd. (HHI) and Bahri, a global leader in logistics and transportation, to pursue a series of long-term business activities, whether jointly or severally on the basis of a multilateral relationship. The activities will include (but are not limited to) building one or more Very Large Crude Carriers (VLCC) in South Korea.
Bahri will issue IMI its first VLCC order prior to the end of July 2019, at which point IMI will engage HHI as a sub-contractor to build the VLCC. "This agreement provides many benefits for IMI including transfer of knowledge from HHI to IMI, a mechanism to grant use of Intellectual Property (IP) to IMI, development plans for IMI employees to acquire new skills in shipbuilding and planning, as well as technical assistance," said Fathi K. Al-Saleem, IMI Chief Executive Officer. "This agreement contributes to the long-term growth of this new industry in Saudi Arabia and will enable IMI to independently build VLCCs in Saudi Arabia to the highest international shipbuilding standards." HHI will also assist IMI to localize supply chain in Kingdom.
