Bahri signs MoA to purchase five second-hand Medium Range tankers for US$166mln

By Vessels

The National Shipping Company of Saudi Arabia (Bahri) announces that The National Chemical Carriers (subsidiary 80% owned by Bahri) signed on Wednesday 24th February 2016 MoA to purchase five second hand MRs ships built in 2014 at Hyundai Mipo Dockyard in South Korea from Scorpio Tankers Inc. at a total US$166,500,000.

Chemical/Oil Products Tanker STI Chelsea Image: miranda reiffers te loo

The five ships (STI Chelsea, STI Lexington, STI MythosSTI Olivia and STI Powai) will be delivered to NCC between 1st February and 30th June 2016.

The sales of two of the vessels are expected to close in March 2016, and the sales of the three remaining vessels are expected to close in the second quarter of 2016.

The financial implication of these 5 MRs is expected during the 2nd and 3rd quarters of 2016.

Source: Bahri