Riyadh - Mubasher: National Shipping Company of Saudi Arabia (Bahri) announced on Sunday that it has signed a Murabaha financing agreement worth SAR 472.5 million ($126 million) with Japan’s Bank of Tokyo-Mitsubishi UFJ on Thursday.

The loan covers 80% of the purchase of two second-hand very large crude carriers (VLCCs) announced on 26 October, 2015, according to a bourse filing.

The loan will be repaid over ten years by equal quarterly instalments.