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National Shipping Co of Saudi Arabia Joint Venture Subsidiary with Saudi Basic Industries Corporation JSC Amends Corporation Agreement with Odfjell SE


Tuesday, 9 Apr 2013 09:03am EDT 

National Shipping Co of Saudi Arabia (BAHRI) announced that National Chemical Carriers Ltd. Co. (NCC), a subsidiary company owned 80% by BAHRI and 20% by SABIC, has agreed with Odfjell SE to dissolve their 18 ships pool with a capacity of 40,000 DWT or higher owned by NCC and Odfjell SE in addition to acquiring the shares of Odfjell SE in the NCC Odfjell Chemical Tankers JLT (NOCT). NCC and Odfjell SE established NOCT in 2009. Since then, NOCT has managed the operations of the combined fleet owned by NCC and Odfjell SE. Based on the signed agreement, NCC will effectively acquire Odfjells SE 50% stake in NOCT from June 1, 2013, at the net book value and will become a 100% owner of NOCT. net book value at the end of 2012 is equivalent to SAR. 1.7 million. It has been also agreed that NCC will assume the commercial management of the two 75,000 DWT chemical tankers owned separately by NCC and Odfjell SE which are presently under construction. It is worth noting that NCC currently owns 23 vessels of which 11 are operating in the joint venture mentioned above, while 3 are operating under bareboat agreements and 9 under time charter agreements. 

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