Samba Financial Group reportedly has signed an agreement with National Chemical Carrier
(NCC)for a $392 million (SR1,470) million facility to finance 80 percent of the total cost for building 10 new chemical tankers
, according to a report on www.menafn.com.
It is considered to be the largest single shipping deal in the history of the local market in terms of amount and number of ships funded by a single bank for a single borrower.
According to an official from the shipping company, the deal is within the framework of plans to expand the fleet, which is composed now of 14 vessels with a total capacity of 554,000 tons. By 2011 the company plans to have 32 ships with a total capacity of 1.4 million tons.