20 AUG 2020
|Introduction||The National Shipping Company of Saudi Arabia (Bahri) announces that the National Chemical Carriers Co., Ltd. (subsidiary) has signed a contract with the Hyundai MIPO Dockyard Co., Ltd. for the purpose of building 10 chemical tankers.|
|Date of Announcement of the Award||2020-08-20 Corresponding to 1442-01-01|
|Contract Subject Matter||Building 10 chemical tankers.|
|Date of Signing the Contract||2020-08-20 Corresponding to 1442-01-01|
|Contract Value||USD 410 million.|
|Contract Details||- Building 10 chemical tankers with a capacity of 49,999 DWT each.
- The cost of each tanker is estimated at USD 41 million.
- All tankers are expected to be delivered in batches, starting from the first quarter of 2022 until the first quarter of 2023.
- Vessels type is “IMO type 2” a fuel-efficient, which can be both Chemicals and Clean Petroleum Product (CPP) carriers.
|Contract Duration||2 years and 7 months.|
|Financial Impact and the Relevant Period||The company is currently working on determining the expected financial impact, which will be reflected upon taking delivery and operating the 10 tankers.|
|Additional Information||The contract will be funded by the company's cash flow in addition to bank financing.|