FINANCIAL NEWS

NSCSA signs USD219m deal to fund four new ships

26 Jun 2011

(MENAFN) The National Company of Saudi Arabia’s (NSCSA) CEO, Saleh Al-Jasser, said that in order to finance the purchase of four new ships, the company signed a USD219 million financing agreement with several national banks, reported Arab News.

Al-Jasser added that the four general cargo ships, which would have deadweight of 26,000 tons and would be equipped with heavy duty cranes, would be built by Hyundai Mipo Dockyard Co. Ltd. (HMD), a South Korean company, which NSCSA signed a USD400 million deal with.

He also said that starting next year, HMD would start delivering the ships, and the delivery would be completed by the year 2014.

It is worth noting that the four ships will replace four vessels from the company’s current fleet and will provide more effective capacity utilization and much better fuel efficiency.

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