The National Shipping Company of Saudi Arabia (Bahri) said that (Zaurak Star), one of the Product Tankers in Vela fleet, was transferred to Bahri's ownership on Tuesday 18 November 2014 for a cash consideration of SAR 114.6m (equivalent to US$ 30,570,000) paid to Vela.
Bahri changed the name of the tanker to (Bahri Tulip) and financed the deal by a Murabaha bridge financing; the Company said in a filing to Tadawul today.
The remaining Vela vessels shall be transferred to Bahri on a staggered basis according to an agreed upon vessel delivery schedule with Vela and is expected to be completed before the end of 2014. The financial impact is expected during the fourth quarter of 2014.
According to Argaam’s data; Vela International Marine Limited was a subsidiary of Saudi Arabian Oil Company (Aramco).
Bahri signed an agreement with Vela in 2012 to merge their operations.
Bahri announced in July completing the first phase of the deal.
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