Bahri Sells General Cargo Vessel (Saudi Hofuf)

The National Shipping Company of Saudi Arabia (Bahri) announces that in connection with the fleet replacement program for the general cargo the Company has sold on 30 July 2013 its general cargo vessel (Saudi Hofuf) for scrapping after completing her useful life for a sum of SAR. 28,305,845 generating a net gain of SAR 17,572,100 after deducting its book value and all expenses associated with the sale.

The financial impact of this transaction will be reflected in the 3rd Quarter of 2013 results.
It is worth mentioning that the Company had previously announced the signing of six ship building contracts to acquire six new general cargo vessels to replace the older fleet in this sector which have completed their useful life .

In addition to the sale of Saudi Hofuf Bahri had announced on 19th January, 2013 and 30th April 2013 the sale of Saudi Abha and Saudi Diriyah the two General Cargo ships respectively One last sister ship remain to be sold before the end of this year 2013 coinciding with the delivery of the remaining new builds.