30 October 2008
Riyadh-based National Shipping Company of Saudi Arabia (NSCSA) has hired two VLCCs (very large crude carriers) to South Korea's Hanjin Shipping Company for five years.
A $198 million (Dh728m) contract has been signed for Hanjin Shipping to begin operating the supertankers from the second half of next year, according to sources.
An NSCSA official has been quoted saying that the Saudi tanker owner operates 13 VLCCs at present, with another four, which are under construction.
Delivery of those four VLCC newbuilds has been slated for end-2009, and there has been no indication of problems with financing or credit facilities for the new buildings.
NSCSA, which achieved a 65 per cent year-on-year increase in net profit for the first half of this year, is 29-per cent owned by the Saudi Arabian Government while Saudi investors hold the remaining stake.
NSCSA was established in 1979 and is one of the largest providers of maritime services in the Middle East.
The company and its subsidiaries purchase, charter and operate vessels for the transportation of crude oil, chemicals and general cargo.
NSCSA is holding a 30.3 per cent stake in the Bermuda-based liquified petroleum gas trading and ship-owning company, Petredec (Tankerworld).
Riyadh-based National Shipping Company of Saudi Arabia (NSCSA) has hired two VLCCs (very large crude carriers) to South Korea's Hanjin Shipping Company for five years.
A $198 million (Dh728m) contract has been signed for Hanjin Shipping to begin operating the supertankers from the second half of next year, according to sources.
An NSCSA official has been quoted saying that the Saudi tanker owner operates 13 VLCCs at present, with another four, which are under construction.
Delivery of those four VLCC newbuilds has been slated for end-2009, and there has been no indication of problems with financing or credit facilities for the new buildings.
NSCSA, which achieved a 65 per cent year-on-year increase in net profit for the first half of this year, is 29-per cent owned by the Saudi Arabian Government while Saudi investors hold the remaining stake.
NSCSA was established in 1979 and is one of the largest providers of maritime services in the Middle East.
The company and its subsidiaries purchase, charter and operate vessels for the transportation of crude oil, chemicals and general cargo.
NSCSA is holding a 30.3 per cent stake in the Bermuda-based liquified petroleum gas trading and ship-owning company, Petredec (Tankerworld).
By Staff Writer
© Emirates Business 24/7 2008
