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.