Aug 29 2010 |
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NSCSA Announces Establishment of JV Company with ARASCO to transport Dry-bulk Cargo
The National Shipping Company of Saudi Arabia " NSCSA " announced that the company signed an agreement with Arabian Agricultural Services Company " ARASCO " on Saturday 28th August, 2010 to establish a JV company to transport Dry-bulk cargo, with a capital of 200 million Saudi Riyals, 60% owned by NSCSA and 40% by ARASCO .The activities of the new company will be to acquire, own, charter and commercially operate a fleet of dry-bulk vessels. This company is expected to start in the year 2011. Upon owning several vessels of suitable sizes for this kind of activity, weighing (76,000) DWT, the company will lease these ships on a long-term contracts to
ARASCO
to transport import Dry-bulk cargo.
The initial estimated investment for the new company is about 656 million Saudi Riyals, reaching almost 1,325 million Saudi Riyals during the first three years and expected to be financed 30% by the partners and 70% through financial investment institutions.
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