Bahri takes delivery of a new crude carrier from Vela, pays SAR 323.7 million

02/10/2014 Argaam

The National Shipping Company (Bahri) said today it took ownership of a new very large crude carrier (VLCC) owned by Aramco’s Vela International, and paid SAR 323.7 million in return, a step further towards its merger with Vela.

The sum was paid up in full from a Sharia-compliant facility extended to the company in June to finance the merger, a filing to Tadawul said.

Bahri borrowed SAR 3.18 billion from J.P. Morgan Chase Bank (Riyadh), Samba Financial Group and Saudi British Bank (SABB) to merge its fleets and operations with Aramco’s Vela International.

After the merger, Bahri will become Aramco’s exclusive oil shipping manager.

The remaining fleet will be handed over to Bahri before year end, and a financial impact is expected in the third quarter.

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