The board of National Shipping Company of Saudi Arabia (Bahri) has approved the acquisition of two secondhand very large crude carriers (VLCCs) for US$155m, it said in a bourse statement.

Bahri will receive the carriers between Jan. 14, 2016 and Feb. 1, 2016, the statement said, adding the financial impact of the ships would appear in its first quarter of 2016 earnings.

The ships were purchased from Alpha and Beta VLCC LLC, a subsidiary of Tanker Investment Ltd, according to the statement.