JEDDAH – The National Shipping Company of Saudi Arabia (Bahri) said its subsidiary Bahri Dry Bulk (owned 60 percent by Bahri and 40 percent by Arasco) signed with Bank Albilad recently a Shariah- compliant financing facility for SR420,000,000 to finance 70 percent of the cost of building 5 dry bulk vessels. The financing facility is for a period of 11 years including a maximum of 1 year grace period. The 5 vessels will be mortgaged to Bank Albilad as collateral for the financing. Bahri Dry Bulk has earlier signed contract to build 5 dry bulk ships with one of the leading shipyards in Japan. These vessels have a capacity of 82,000 dwt and length of 229 meters, consumes less fuel and ecofriendly. The company started its operation through chartering 5 vessels and chartering them out to Arasco which will be replaced by the delivered vessels. The first vessel will be delivered by the end of this month, while the remaining four in the first half of 2014. — SG
