Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) has received a very large crude carrier (VLCC) named "Kassab" on Monday, 22 January.
The carrier is one of five VLCCs financed by a $350 million (SAR 1.31 billion) syndicated Murabaha facility, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).
The facility was secured by Standard Chartered Bank, Arab National Bank, National Bank of Abu Dhabi, and Bank Albilad, the company said.
The Saudi-based logistics firm forecast that the carrier’s commercial operation will start in March 2018 and its financial impact will appear in the first quarter of 2018.
Bahri’s net profits retreated 80.81% to SAR 60.51 million in the third quarter of 2017, from SAR 315.38 million in the same period a year earlier.
The company's stock shed 0.56%, closing Monday at SAR 30.23.
