The National shipping Company of Saudi Arabia (Bahri) announces that its 60 percent owned subsidiary ‘Bahri Dry Bulk’ (BDB) has started its operations by chartering in two Kamsarmax Dry Bulk Ships to serve its customers by importing grain into the Kingdom. The time chartered vessels start trading effective Saturday the 4th of August 2012 and are contracted for periods of 17-21 months.
BDB, a joint venture between Bahri and Arabian Agricultural Services Company (ARASCO) was established on Saturday, the 28th August 2010 to transport dry bulk cargo, with a capital of 200 million Saudi Riyals. The initial estimated investment for Bahri Dry Bulk is about 656 million Saudi Riyals, reaching almost 1,325 million Saudi Riyals during the first three years. The investment is expected to be financed 30% by the partners and 70% through financial investment institutions.
The vessels are sub-let to Bahri’s joint venture partner, ARASCO and will be employed to transport Grains and Grain products into Saudi Arabia from South and North Americas and other exporting countries.
The financial impact of these time-charters on the company revenue will appear starting from the third quarter of the current year.”
The company plans to increase the number of units to five ships, and continue to work in this order until delivery of its 5 newbuildings under construction which are expected to be delivered in sequence starting from the fourth quarter of 2013 throughout the first half of 2014.