NSCSA, saudi arabia shipping, tanker

Saudi’s National Chemical Carriers Receives New Tanker

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June 16, 2011

NSCSA, saudi arabia shipping, tanker

DUBAI (Zawya Dow Jones)–National Shipping Co. of Saudi Arabia (4030.SA), or NSCSA, said Wednesday its subsidiary National Chemical Carriers Ltd. Co., or NCC, has taken possession of a new chemical tanker that would impact its financial results from the third quarter onwards.

The NCC Amal was delivered Wednesday with deadweight, DWT, of 45,000 metric tons, and is one of nine vessels commissioned by NCC from South Korea’s Shina Shipbuilding Co. between 2006-07 for a total cost of around 1.7 billion Saudi riyals ($453 million), NSCSA said, in a statement it posted on the website of the Saudi bourse.

NCC has separately commissioned a further eight vessels from Shina at a cost of SAR1.5 billion, which are expected to be delivered this year and next, as well as a large chemical tanker of 75,000 DWT, to be constructed by Daewoo Shipbuilding and Marine Engineering Co. (042660.SE) of South Korea for SAR247 million, to be delivered in 2013, NSCSA said.

NCC is 80% owned by NSCSA, the statement said.

-By Angus McDowall, Dow Jones Newswires


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