Mar 06 2011 |
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NSCSA set to sign SR1.54bn deals with Hyundai MIPO
JEDDAH: The National Shipping Company of Saudi Arabia ( NSCSA ) will sign four shipbuilding contracts plus two additional optional contracts on Sunday, with Hyundai MIPO of South Korea. The contracts value including the two optional deals amounts to SR1.543 billion.This comes as an implementation to its current strategic plan, which calls for expanding the general cargo sector, and in particular continuation and expansion of the RoRo, general and project cargo areas that are of paramount importance for maximizing shareholders returns and supporting the Kingdom's economy, according to a company's statement on Tadawul's website.
The delivery of the ships is expected to start by the end of 2012 till the end of 2013, and for the two optional ships the delivery will take place in 2013 for the first vessel and the first quarter of 2014 for the second one, subject to NSCSA exercising the option.
Despite that the deadweight of those ships is less than the current ones, those ships excel in capacity utilization and lower fuel consumption.
The company currently is discussing with the Public Investment Fund and a number of commercial banks to finance about 80 percent of the project value through Shariah-compliant financing for a 12-year tenor. The remaining 20 percent will be financed through the company's internal financial resources.
© Arab News 2011
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