Bahri buys Al Phard Star Tanker from Vela for SAR 97.9m

08/12/2014 ِArgaam

The National Shipping Company of Saudi Arabia (Bahri) said that (Al Phard Star), one of the Product Tankers in Vela fleet, was transferred to Bahri's ownership on Monday 8 December 2014 for a cash consideration of SAR 97.9 (equivalent to US$ 26,100,000) paid to Vela.
 

 Bahri changed the name of the tanker to (Faridah) and financed the deal by a Murabaha bridge financing; the Company said in a filing to Tadawul today.
 

The remaining Vela vessel shall be transferred to Bahri on a staggered basis according to an agreed upon vessel delivery schedule with Vela and is expected to be completed before the end of 2014.

The financial impact is expected during the fourth quarter of 2014.


According to Argaam’s data; 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.
 

Bahri announced in July completing the first phase of the deal. 

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