Bahri takes ownership of a new crude carrier from Vela Int’l

21/08/2014 Argaam

The National Shipping Company (Bahri) said today it took ownership of a new very large crude carrier (VLCC) owned by Aramco’s Vela International, a step further towards its planned merger with Vela.

Bahri’s general assembly agreed in June to merge its fleets and operations with Aramco’s Vela International, whereby Bahri becomes Aramco’s exclusive oil shipping manager.

The remaining fleet will be handed over to Bahri before year end, and a financial impact is expected in the third quarter, a filing on Tadawul said.

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