Bahri takes ownership of another crude carrier from Vela Int’l

07/08/2014 Argaam

The National Shipping Company (Bahri) said today that it took ownership of a second very large crude carrier (VLCC) owned by Aramco’s Vela International, a step further towards its planned merger with Vela.
 

Bahri’s general assembly agreed in June to merge its fleets and operations with Aramco’s Vela International, whereby Bahri becomes Aramco’s exclusive oil shipping manager.


Last month, Bahri initiated the merger process by taking ownership of the first VLCC from Vela International.


The remaining fleet will be handed over to Bahri before year end, and a financial impact is expected in the third quarter, a filing on Tadawul said.

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