The National Shipping Co. of Saudi Arabia’s (Bahri) subsidiary, National Chemical Carriers (NCC), on Friday signed a $133.2 million Murabaha facility agreement with Arab Petroleum Investments Corporation (APICORP) and BNP Paribas.
The facility will be used to finance 80 percent of the purchase value of five second-hand medium-range (MR) tankers, the company said in a statement to the Saudi bourse, Tadawul.
The ten-year Sharia-compliant facility, which will be repaid in equal biannual installments, was guaranteed by mortgaged vessels and a waiver of insurance policies, the statement added.
The first and the second tankers were delivered in March. The third one, NCC Masa, joined Bahri’s fleet in April, while the fourth and fifth tankers were received in May.
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