The National Shipping Company of Saudi Arabia (Bahri) announces that, in connection with the fleet replacement program for the general cargo, on Saturday 23rd March 2013, the Company sold its general cargo vessel (Saudi Diriyah) for scrapping after completing her useful life for a sum of SAR. 30,257,136, generating a net gain of SAR 19,523,391 upon deducting its book value and all expenses associated with the sale.
The financial impact of this transaction will be reflected in the 1st Quarter of 2013 results.
It is worth mentioning that the Company had previously announced the signing of six ship building contracts to acquire six new general cargo vessels to replace the older fleet in this sector which have completed their useful life.
In addition to the sale of Saudi Diriyah, Bahri had announced on 19th January, 2013 the sale of Saudi Abha, the first of the General Cargo ships.
Two sister ships remain to be sold in sequence coinciding with the delivery of the remaining new builds.
Press Release, March 25, 2013