Bahri sells Saudi Hofuf for scrapping

Company continues fleet replacement programme with sale of vessel.


In line with its fleet replacement programme, the National Shipping Company of Saudi Arabia (Bahri) has sold its general cargo vessel Saudi Hofuf for scrapping on June 30.

The vessel completing her useful life for a sum of US$7.5 million (SAR 28.3 million) generating a net gain of US$4.7 million (SAR 17.6 million) after deducting its book value and all expenses associated with the sale.

The financial impact of this transaction will be reflected in the third quarter of 2013 results.

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

In addition to the sale of Saudi Hofuf, Bahri had announced on January 19 and April 30 the sales of Saudi Abha and Saudi Diriyah, the two general cargo ships respectively.

One last sister ship remains to be sold before the end of this year coinciding with the delivery of the remaining new builds.


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