Bahri names new CEO

Saudi shipowner has appoints new Chief Executive.
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 The National Shipping Company of Saudi Arabia, Bahri, has named Ibrahim Abdulrahman al-Omar as its new chief executive.

Omar has worked in several senior positions at firms including Saudi Telecom and its affiliate Viva Bahrain, Bahri said in a statement.

He replaces Mohammad Omair al-Otaibi, who was appointed acting CEO in August after the departure of Saleh bin Nasser al-Jasser at the end of July.

Bahri also announced it received a letter from Saudi Aramco appointing Said Abdullatif Al-Hadrami (non-executive member) and Bader Abdulqader Ghouth (non-executive member) as the Board members of Bahri representing SADC with immediate effect.
Al-Hadrami holds a Master degree in Business Administration of Petroleum and Minerals and Bachelor s in Industrial Management from King Fahd University of Petroleum and Minerals in Saudi Arabia.

He has been the President and CEO of Saudi Aramco Products Trading Company (Aramco Trading) since January 2011. He also worked for approximately five years with the Saudi Consolidated Electric Company starting from 1985, following which he spent 21 years with Saudi Aramco.

Al-Hadrami has held various management positions with Saudi Aramco and served on the boards of several Saudi Aramco joint ventures including Saudi Aramco Lubricating Oil Company, Arab Petroleum Pipelines Company Saudi Aramco Total Refining and Petrochemical Company, Saudi Petroleum Overseas Ltd., and Saudi Petroleum Ltd.

Ghouth holds a Master degree in Planning & Management from Polytechnic Central in London. He has been the Manager of Saudi Aramco s Marine Department since April 2011. Prior to assuming this position, he worked for approximately three years as the Managing Director of Saudi Petroleum Ltd. in London.

Previously he worked with Vela as a Marine Operation Manager for approximately six years. He started his carrier with Saudi Aramco in the Terminal Operation Department where he was the port captain of all Saudi Aramco ports and terminal from 1987 until 2002.

The shipping company also made an announcement related to the merging of the Vela fleet and operations with Bahri.

Bahri announced that the Leo Star, one of the VLCC’s in the Vela fleet was transferred to Bahri’s ownership for a cash consideration of US$ 45,710,000 paid to Vela.

The vessel has had its name changed to Tinat. The transfer of ownership was financed entirely by a Murabaha bridge financing.

The remaining Vela vessels shall be transferred to Bahri on a staggered basis according to an agreed upon vessel delivery schedule with Vela and is expected to be completed before the end of 2014.

The financial impact is expected during the third quarter of 2014.

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