Saudi's BAHRI sells one of its cargo vesselsby ASC Staff on Jan 20, 2013
The National Shipping Company of Saudi Arabia (Bahri) announced the sale of one of its general cargo vessels to a scrap yard.
The move comes after the company recently announced the signing of ship building contracts to acquire six new generation general cargo vessels to replace the older fleet.
The firm said through a statement that this was in connection with the replacement programme approved by its board of directors for the general cargo fleet.
This sale is expected to generate a net profit of about US$ (5.6m) with the financial impact of the transaction reflected in the first quarter 2013 results.
The firm added that three further ships remained to be sold once the delivery of the first batch of new vessels arrive.
- IMO calls for urgent action following Med disaster
- US Navy expands warship deployment off Yemen
- 900 confirmed deaths in refugee shipwreck
- DP World leads container conversion environment scheme
- DMCA workshop discusses new Maritime Arbitration Centre
- Tasneef pushes recruitment at engineering college forum
- Drydocks World gets ISO welding certification
- 700 people feared dead in shipwreck off Libya
- Smugglers breaching Iran sanctions at Khor Fakkan
- Bahri announces US $670m oil export contract