Bahri renews shipping contract with defense ministry
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The National Shipping Company of Saudi Arabia (Bahri) on Oct. 3 received an approval from the Ministry of Defense (MoD) to renew a transport and shipping services contract for one year until Sept. 9, 2020.
The contract value will be increased by 10 percent to a total of SAR 421.7 million, Bahri said in a bourse statement.
In December 2013, a transport and shipping services contract between Bahri and MoD was renewed for five years for a total of SAR 383 million until Sept. 11, 2019.
The financial impact is expected to show as soon as the contract comes into force.