Saudi Arabia’s state-owned shipping company, Bahri, has announced a significant order for six geared Ultramax bulk carriers from International Maritime Industries (IMI) in Ras Al-Khair. The deal, valued at approximately $200 million, marks a strategic move as Saudi Arabia seeks to develop its domestic shipbuilding sector. Delivery of the vessels is expected between 2028 and 2029, with funding sourced from Bahri’s internal reserves and bank financing. This order could signify a shift away from the Gulf region’s traditional reliance on South Korea, China, and Japan for shipbuilding, aligning with Saudi Arabia’s ambitions to become a major shipbuilding nation.