Bahri takes over another Vela’s crude super carrier, Saiph Star for $92 million

12/10/2014 Argaam

The National Shipping Co. of Saudi Arabia (Bahri) took over Saiph Star, one of the VLCCs fleet owned by Vela, on Oct 8, 2014 for $92 million and the ship had been renamed ‘’ Karan’’ the company said in a statement to the Saudi bourse, Tadawul.

 

The purchase was financed by a Murabaha bridge deal. The gradual transfer of ownership of Vela’s fleet is expected to be completed by the end of this year and the financial impact will be reflected in the 3rd quarter of 2014.

 

Bahri said in July that it had completed the first stage of fleet merging with Vela. The vessels include Rain Star, Capricorn Star, Libra Star, Virgo Star and Scorpio Star, according to Argaam.

 

Vela International Marine Limited was a subsidiary of Saudi Arabian Oil Company (Aramco).

Bahri signed an agreement with Vela in 2012 to merge their operations, according to Argaam.

 

Bahri is 28.1 percent owned by Saudi Arabia’s Public Investment Fund. 

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