Aramco flags off shipping deal with Bahri

21/07/2014 Argaam

The National Shipping Company (Bahri) said today the ownership of a very large crude carrier (VLCC) owned by Aramco’s Vela International was transferred to it, which flags off its long-term shipping agreement with Aramco.


Bahri’s general assembly agreed last month to merge its fleets and operations with Aramco’s subsidiary Vela International, whereby Bahri becomes Aramco’s exclusive oil shipping manager.
 

The remaining fleet will be handed over to Bahri before year end, and a financial impact is expected in the third quarter, a filing on Tadawul said.

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