RIYADH – The National shipping Company of Saudi Arabia said its subsidiary, Bahri Dry Bulk (BDB) has started its operations in the Kingdom by chartering in two Kamsarmax Dry Bulk Ships to import grains. BDB, a joint venture between Bahri and Arabian Agricultural Services Company (Arasco) was established in 2010 with a capital of SR200 million ($53.3 million) to transport dry bulk cargo. The initial estimated investment for Bahri Dry Bulk is about SR656 million, reaching almost SR1.32 billion during the first three years, said a statement from the Saudi firm. The investment is expected to be financed 30 percent by the partners and 70 per cent through financial investment institutions. The Saudi dry bulk company said the time chartered vessels started trading from Saturday and have been contracted for periods of 17 to 21 months. According to BDB, the vessels are sub-let to Bahri's joint venture partner, Arasco and will be employed to transport grains and grain products into Saudi from the South and North Americas and other exporting countries. "The financial impact of these time-charters on the company revenue will appear starting from the third quarter of the current year," it added Riyadh-based Bahri, is one of the largest shipping companies in the world with operations in the oil & gas, chemicals, dry bulk and general cargo segments. It owns and operates a modern fleet of 17 VLCCs and 20 chemical tankers in addition to five dry bulk carriers and chemical tankers and six multi-purpose general cargo ships under construction. BDB said it plans to increase the number of units to five ships, and continue to work in this order until delivery of its 5 new buildings under construction which are expected to be delivered in sequence starting from the fourth quarter of 2013 throughout the first half of 2014. – Agencies
