20 AUG 2020
| ELEMENT LIST | EXPLANATION |
|---|---|
| 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. |
| Related Parties | N/A |
| Additional Information | The contract will be funded by the company's cash flow in addition to bank financing. |