Jun 26 2011 |
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Saudi Arabia: NSCSA signs SR822.6m deal to finance new ships
JEDDAH: The National Shipping Company of Saudi Arabia ( NSCSA ) signed Saturday a financing agreement worth SR822.6 million with a number of national banks to fund purchase of four new ships.The financing agreement was signed by Saleh Al-Jasser, CEO of NSCSA , who said the accord reflected the confidence of national banks in his company.
The NSCSA had signed a deal valued at $400 million (SR1.5 billion) with South Korean company Hyundai Mipo Dockyard Co. Ltd. (HMD) for the construction of four general cargo ships. The four ships will have a deadweight of 26,000 tons and will be equipped with heavy-duty cranes.
HMD will deliver the ships starting in 2012 and will complete delivery by 2014. The contract also includes the option for two additional ships.
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