Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) announced signing a Murabaha facility agreement on Wednesday at a value of SAR 1.31 billion ($350 million).
The agreement will be arranged by standard chartered bank, which will participate in providing the facility along with the Arab National Bank, the National Bank of Abu Dhabi (NBAD) and Bank Albilad.
The duration period of the finance amounts to 10 years, adding to 22 months grace period, according to a bourse filing.
The facility aims at financing a part of the costs of building five VLCCs, contracted on with Hyundai Samho Heavy Industries.
Bahri signed a contract with Hyundai Samho in June 2015 to build additional five VLCCs, bringing total VLCCs presently under construction to ten.
These carriers will be delivered during 2017/2018, the company said, adding that the financial impact of these contracts will appear after the delivery of the vessels.
