Mar 05 2011 |
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The National Shipping Company of Saudi Arabia (NSCSA) announces the signing of new shipbuilding contracts for General Cargo Vessels
The National Shipping Company of Saudi Arabia ( NSCSA ) will sign 4 shipbuilding contracts + 2 additional optional contracts on Sunday, the 06th March, 2011 with Hyundai MIPO of South Korea.The contracts' value including the 2 optional contracts amounts to 1,543 Million Saudi Riyals. (One Thousand Five Hundred and Forty Three Million Saudi Riyals).
This comes as an implementation to its current strategical plan which calls for expanding the General Cargo sector in which the strategy recommended continuation and expansion in the RoRo, General and Project Cargo sectors which give a paramount importance in maximizing shareholders' returns and supporting the national economy of the Kingdom.
Those ships are specialized in carrying general and projects' cargo and several types of RoRo cargo. The ships are equipped with heavy lift cranes and the deadweight of the ship is approx. 26,000 tons, in addition to the capability in carrying containers, in the designated area of the ship.
The first 4 ships will replace the current aging fleet in this sector which are planned to be out of service for NSCSA in the years 2012-2013. The new ships will be serving as a liner between the United States East Coast to the Middle East (Red Sea-Arabian Gulf) and to the Indian Subcontinent via Europe.
The company currently is discussing with the Public Investment Fund and a number of commercial banks to finance about 80% of the project value through Shariah Compliant Financing for a 12 year tenor. The remaining 20% will be financed through the company internal financial resources.
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© Press Release 2011
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