NSCSA signs deal for new ships
The National Shipping Co. of Saudi Arabia said last week it signed a 'murabaha' financing agreement with the Saudi British Bank
(SABB) and the National Commercial Bank for 822.6 million Saudi Riyals
($219.3 million) that will finance 80 percent of the cost to construct two general cargo ships which will be built by the Hyundai MIPO shipyard in South Korea.
The other 20 percent will be financed by the company. It also has an option for two additional ships.
NSCSA said the ships will be used in a liner service connecting the U.S. East Coast to the Middle East (Red Sea-Arabian Gulf) and to the Indian Subcontinent via Europe. They will replace four ships approaching the end of their estimated service lives.
Chief Executive Officer Eng. Saleh Nasser Al-Jasser said the 26,000-deadweight-ton ships will carry project and roll-on/roll-off cargoes, in addition to general freight. They will be equipped with heavy-lift cranes.
“Despite that the deadweight of these ships are less than the current ones, these ships have larger capacity utilization aspects and lower fuel consumption,” the company said.