Bahri subsidiary begins operations this month
The National Shipping Company of Saudi Arabia (Bahri) announces that its 60 per cent owned subsidiary, Bahri Dry Bulk (BDB), has started its operations by chartering in two Kamsarmax Dry Bulk Ships to serve customers importing grain into the Kingdom.
The time chartered vessels, which started trading on August 4, are contracted for periods of 17-21 months.
BDB, a joint venture between Bahri and Arabian Agricultural Services Company (ARASCO) was established on August 28, 2010 to transport dry bulk cargo, with a capital of 200 million Saudi Riyals. The initial estimated investment for Bahri Dry Bulk is about 656 million Saudi Riyals, reaching almost 1,325 billion Saudi Riyals during the first three years. The investment is expected to be financed 30% by the partners and 70% through financial investment institutions.
The vessels are sub-let to Bahri’s joint venture partner, ARASCO and will be employed to transport Grains and Grain products into Saudi Arabia from South and North Americas and other exporting countries.
The financial impact of these time-charters on the company revenue will appear starting from the third quarter of the current year.”
The company also announced that it had received a new chemical tanker named “NCC NAJEM” from SHINAsb of South Korea, as part of the nine vessel-order previously contracted by NCC from this yard during 2006 – 2007 for a total value of approximately SAR 1,722 billion.
“NCC NAJEM” has a DWT of 45,000 tonnes with DNV classification and full IMO 2 notations and cargo capacity of 53,200 cubic metres comprising 22 Zink/Epoxy coated cargo tanks with 20 full segregations.
The vessel will be commercially operated by “NCC ODFJELL Chemical Tankers JLT”, located in Dubai and owned jointly by NCC and ODFJELL SE of Norway, which commenced operation in January 2010.