Bahri Sells General Cargo Vessel (Saudi Abha)

The National Shipping Company of Saudi Arabia (Bahri) announces that in connection with the replacement program approved by its board of directors for the general cargo fleet, the Company has sold on the evening of Wednesday 16th of January,2013 it's general cargo vessel (Saudi Abha) for scrapping after completing her useful life. 

This sale is expected to generate net profit about SAR(21) million after deducting its book value and all expenses associated with the sale. 

The financial impact of this transaction will be reflected in the 1st 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 has completed its useful life. 

3 sister ships to Saudi Abha remain to be sold in sequence coinciding with the delivery of the first 4 new ships.