DUBAI - National Shipping Co of Saudi Arabia (Bahri) said on Tuesday its board had approved the purchase of two used oil tankers from a subsidiary of South Korea’s Daewoo Shipbuilding and Marine Engineering Co for $157 million.

The company will take delivery of the two very large crude carriers (VLCCs) between Nov. 15 and Jan. 31, Bahri said in a bourse statement.

The financial impact of the deal will be seen in the first quarter of 2016, Bahri said without elaborating.