The National Shipping Company of Saudi Arabia Bahri announced that in connection with the fleet replacement program for the general cargo the Company has sold on 9 October 2013 its general cargo vessel Saudi Tabuk for scrapping, after completing her useful life, for a sum of SAR 29,171,467 generating a net gain of SAR 18,312,040 after deducting its book value and expenses associated with the sale.
The financial impact of this transaction will be reflected in the 4th Quarter of 2013 results.
It is worth mentioning that the Company had previously announced the signing of six ship building contracts to build six new general cargo vessels to replace the older fleet in this sector which has completed their useful life. In addition to the sale of Saudi Tabuk, Bahri had announced on 19th January 2013, 23rd March 2013 and 31th July 2013 the sale of the three general cargo ships, Saudi Abha, Saudi Diriyah and Saudi Hofuf respectively. Saudi Tabuk is the fourth and last GC vessel to be sold for demolition.
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Bahri, October 10, 2013