High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
This is the second of six vessels ordered by Bahri to have been delivered so far. The new build order was placed in 2011 at a total contract value of SAR 1,543 million (USD $411 million).
Deliveries of the final four vessels are expected during 2013 and the first half of 2014.
Bahri owns 17 Very Large Crude Carriers (VLCC’s), two of which are chartered to Hanjin and 15 are operating in the spot market. In addition, the Bahri owns three RoRo/RoCon vessels operating on the trade liner between North America, Europe, Middle East and the Indian Subcontinent and 23 chemical tankers.
By 2014, they expect to grow around 56 vessels according to a statement on their website.
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