The National Shipping Company of Saudi Arabia (Bahri) said that (Al Tarf Star), one of the Product Tankers in Vela fleet, was transferred to Bahri's ownership yesterday 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 Rose) and financed the deal by a Murabaha bridge financing; the Company said in a filing to Tadawul today.
The remaining Vela’s 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; Bahri signed an agreement with Vela in 2012 to merge their operations and announced in July completing the first phase of the deal. Bahri took ownership of some Vela’s tankers recently.
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