Bahri Subsidiary Signs an Agreement with Bank Albilad

The National Shipping Company of Saudi Arabia (Bahri) announces that its subsidiary Bahri Dry Bulk (owned 60% by Bahri and 40% by Arasco) signed with Bank Albilad today Wednesday 17/1/1435H corresponding to 20th November 2013G a Shariah compliant financing facility for SAR 420,000,000 to finance 70% of the cost of building 5 dry bulk vessels.

The financing facility is for a period of 11 years including a maximum of 1 year grace period. The 5 vessels will be mortgaged to Bank Albilad as collateral for the financing. 

Bahri had announced on 17/4/2012G corresponding to 25/5/1433H that Bahri Dry Bulk signed contract to build 5 dry bulk ships with one of the leading ship yards in Japan. These vessels have a capacity of 82,000 dwt and length of 229 meters, consumes less fuel and ecofriendly.

The Company started its operation through chartering 5 vessels and chartering them out to Arasco which will be replaced by the delivered vessels. The first vessel will be delivered in the end of November 2013G, while the remaining four in the first half of 2014G