$1.3 Billion Merger Deal Signed, Vela and Bahri to Combine Tanker Fleets

At the end of June, the National Shipping Company of Saudi Arabia (Bahri) announced plans to merge with Saudi ARAMCO's shipping arm, Vela International, and as of Sunday 4 November, the merger agreement has been signed. Execution of the merger agreements took place in Riyadh after the closing of trading on the Saudi Stock Exchange (Tadawul) and follows the announcement by … [Read more...]

Saudi Arabian Shipping Giants Consolidate in $1.3 Billion Deal

On Saturday, The National Shipping Company of Saudi Arabia, Bahri, announced that it had closed a merger agreement worth upwards of USD $1.3 billion with Saudi Aramco and Vela International Marine Limited.  The consolidation of these two companies will soon result in the world's 4th largest owner of VLCCs globally. Under the terms of the agreement, Vela will transfer to … [Read more...]

Saudi Aramco Charters 7 Supertankers to Haul US-Bound Crude

(Bloomberg) -- Saudi Arabian Oil Co., the world’s biggest state-owned crude producer, increased the number of supertankers it hired to haul oil to the U.S. The company chartered at least seven very large crude carriers to load a total of about 14 million barrels in October, compared with about four a month so far this year, according to data from Athens-based Optima … [Read more...]

Saudi Arabia to Send More Crude Oil Supertankers to the US

LONDON (Dow Jones)--Saudi Arabia's state shipping company, Vela, will transport large volumes of oil to the U.S. again this month, repeating a trend that began in March, but prior to that was very unusual, shipbrokers told Dow Jones Newswires Friday. Vela has chartered at least 10 supertankers, capable of carrying around 20 million barrels of oil, to ship crude to the U.S. … [Read more...]