Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) has received very large crude oil carrier (VLCC) named (Amad).
The commercial operation of the VLCC is expected to start in May, while its financial impact may start to appear in the second quarter of 2018, according to Bahri’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Amad is one of the VLCCs financed by Standard Chartered Bank, Arab National Bank (ANB), National Bank of Abu Dhabi, and Bank Albilad.
In February, Bahri last reported a 53.4% slump in profits to SAR 800.3 million for the full fiscal year 2017, from SAR 1.72 billion a year earlier.
By 12:55 pm KSA time, Bahri’s stock rose 0.07% to SAR 28.80.
