Saudi Arabia: BAHRI Inks Time Charter Agreements for Three Tankers

The National Shipping Company of Saudi Arabia (BAHRI) announces that its 80% owned subsidiary The National Chemical Carriers Company Ltd. (NCC) will sign today, Tuesday, 14th August 2012 time charter agreements for three chemical tankers with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation SABIC) for a period of 5 years, with an option of extension for (5) years period.

The value of these time charter agreements is approximately (SAR 480 Millions) for the first five years. The financial impact for the first and the second 45,000 DWT tankers will appear during the third and fourth quarter of the current year 2012 respectively. The financial impact for the third tanker with the size of 75,000 DWT will appear during the last quarter of the next year 2013.

NCC is a joint venture company between BAHRI and SABIC, where Bahri owns 80% and the remaining 20% is owned by SABIC. NCC presently owns (21) petrochemical tankers for transporting all kinds of petrochemicals around the world.

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Source: Bahri, August 14, 2012