News & insight

The National Shipping Company of Saudi Arabia (Bahri) announces that the National Chemical Carriers Co., Ltd. (subsidiary) has signed a contract with the Hyundai MIPO Dockyard Co., Ltd. for the purpose of building 10 chemical tankers.

20 AUG 2020

ELEMENT LIST EXPLANATION
Introduction

 

The National Shipping Company of Saudi Arabia (Bahri) announces that the National Chemical Carriers Co., Ltd. (subsidiary) has signed a contract with the Hyundai MIPO Dockyard Co., Ltd. for the purpose of building 10 chemical tankers.

Date of  Announcement of the Award

 

2020-08-20 Corresponding to 1442-01-01

Contract Subject Matter

 

Building 10 chemical tankers.

Date of Signing the Contract

 

2020-08-20 Corresponding to 1442-01-01
Contract Value USD 410 million.
Contract Details

 

- Building 10 chemical tankers with a capacity of 49,999 DWT each.

- The cost of each tanker is estimated at USD 41 million.

- All tankers are expected to be delivered in batches, starting from the first quarter of 2022 until the first quarter of 2023.

- Vessels type is “IMO type 2” a fuel-efficient, which can be both Chemicals and Clean Petroleum Product (CPP) carriers.

Contract Duration 2 years and 7 months.
Financial Impact and the Relevant Period

 

   The company is currently working on determining the expected financial impact, which will be reflected upon taking delivery and operating the 10 tankers.

Related Parties

 

N/A
Additional Information The contract will be funded by the company's cash flow in addition to bank financing.