Bahri Financed for Two General Cargo Ships

Press Release
Wednesday, July 04, 2012

The National Shipping Company of Saudi Arabia (Bahri) will sign a financing agreement with Public Investment Fund (PIF) for 2 newbuildings

Bahri is to sign a 'Murabaha Agreement' with Public Investment Fund (PIF).

The cash will be used to finance part of the total construction cost of building two General Cargo vessels at Hyundai Mipo Dockyard in South Korea.

The value of the financing contract is equivalent to Saudi Riyals 450,000,000 (Four Hundred and Fifty million). The repayment will be made in equal quarterly installments over 10 years from delivery of vessels. The Contract will be signed by Mr. Abdullah Ibrahim Al-Eiyadhi, Acting General Secretary of PIF and Engr. Saleh Nasser Al-Jasser, Bahri CEO.

Engr. Al-Jasser indicated that these two vessels are part of the contract signed in March 2011 for the construction of six General Cargo vessels which will be received starting from early 2013 onward.


 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Russian Sub 'Stary Oskol' Enters Black Sea

Russia’s Stary Oskol submarine, the third boat in Project 636.3 series for the Black Sea Fleet, on a voyage to its permanent base has passed the Bosporus and Dardanelles straits,

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

Future LCS Charleston’s Keel Authenticated

A ceremony was hosted to celebrate the keel authentication of the U.S. Navy's future USS Charleston (LCS 18), the ninth Independence variant littoral combat ship, June 28.

Finance

Light at the End of the Tunnel Distant for Multipurpose Shipping

The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

Middle East

Agthia Signs 25-year Lease in Abu Dhabi

Abu Dhabi Ports and Agthia Group PJSC have signed a lease agreement aimed at expanding the group’s existing Grand Mills Flour and Animal Feed facilities at Zayed Port.

DMCA Showcases Local Maritime Leadership

Dubai Maritime City Authority (DMCA) showcased Dubai's global maritime leadership in the presence of a high-level delegation from City of Glasgow College who commended

210 Ships Pass Through Suez Canal Last Week

Suez Canal traffic data revealed that 210 ships transited the canal, with a total load of 12.8m tonnes, from 19 to 23 June.   An average of 42 ships transited the canal per day during that period,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0805 sec (12 req/sec)