The National Shipping Company of Saudi Arabia (Bahri) has received its first of five secondhand MR tankers purchased recently for US$166.5m.

The MR ship STI Lexington was delivered and ownership was transferred to the National Chemical Carriers, a subsidiary 80% owned by Bahri, and the ship name was changed to NCC Wafa.

Bahri said that the financial impact of this ship is expected during the second quarter of 2016.

The remaining product tankers are STI Chelsea, STI Mythos, STI Olivia and STI Powai.

The five vessels were built in 2014 at Hyundai Mipo Dockyard in South Korea for Scorpio Tankers Inc and are expected to complete their respective deliveries by June 30, 2016.