Bahri’s Saudi Hofuf Sold for Scrap

The National Shipping Company of Saudi Arabia (Bahri) has sold on 30 July 2013 its general cargo vessel Saudi Hofuf for scrapping, after completing her useful life, for a sum of SAR. 28,305,845 generating a net gain of SAR 17,572,100 after deducting its book value and all expenses associated with the sale.

The sale forms part of the Company’s fleet replacement program for the general cargo segment.

The financial impact of this transaction will be reflected in the 3rd Quarter of 2013 results.

The Company had previously announced the signing of six ship building contracts to acquire six new general cargo vessels to replace the older fleet units in this sector which have completed their useful life.

Earlier this year, Bahri announced the sale of two general cargo ships Saudi Abha and Saudi Diriyah.

One last sister ship remains to be sold before the end of 2013 coinciding with the delivery of the remaining newbuilds.

[mappress]
Press release, July 31, 2013