Saturday, Aug 04, 2012
RIYADH (Zawya Dow Jones)--The National Shipping Co. of Saudi Arabia (4030.SSE), known as Bahri, said it started operation Saturday of a subsidiary focusing on grain shipments, the company said.
The new company, Bahri Dry Bulk, has chartered its first two dry-bulk cargo ships to carry grain imports into the kingdom, Bahri said in a statement on the website of the Saudi stock exchange.
The financial impact of the charters should appear on results in the third quarter of this year, Bahri said.
Bahri owns 60 percent of the new subsidiary, it said. Its partner in the joint venture, Arabian Agricultural Services Co., sub-let the vessels. The partners plan to eventually increase the total number of cargo vessels to five. The ships will bring grain from North and South America and other exporting countries.
Saudi Arabia's grain board said last week it was making a multi-million-dollar push to build more grain mills and silos to guarantee supply for the country's growing population and growing numbers of religious pilgrims.
By Ellen Knickmeyer, Dow Jones News Wires, +971 55 109 3359, ellen.knickmeyer@dowjones.com, Twitter: ZDJnews.
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
04-08-12 0730GMT
