Bahri unit secures SAR 1.23 bln Murabaha loan from Samba

The National Shipping Company of Saudi Arabia’s (Bahri) subsidiary, National Chemical Carriers Co., inked today, Jan. 21, 2021, a SAR 1.23 billion Murabaha financing agreement with Samba Financial Group, the shipping major said in a bourse filing. 

The financing facility tenor will extend for 12 years and will be guaranteed by lien on the tankers being financed.

The facility will finance 80% of the costs of building 10 chemical tankers, with a capacity of 49,999 deadweight tonnage (DWT) each.

The agreement has no related parties, the statement added.

Last August, Bahri subsidiary, National Chemical Carriers Co. signed a SAR 1.54 billion ($410 million) contract with Hyundai MIPO Dockyard Co. for building 10 chemical tankers. Each tanker, which is estimated to cost SAR 153.8 million, will have a capacity of 49,999 DWT, Argaam reported.