Bahri Annual Report-2009

Management Report

and rules of implementation as well as upgrading and development of technologies and hardware used in financial operations, information technology and other operational systems, including the modernization and expansion of the company’s fleet, besides recruitment, development and career building of staff at the levels of parent company, affiliates and branches. With the grace of God, NSCSA has overcome the global economic crisis through balanced policies pursued by the company in chartering and operation of its vessels and diversification of its activities. Despite the manifested impact of the crisis on all global economic sectors, NSCSA successfully managed to achieve relatively good financial results in 2009, compared to the global shipping industry results.

The National Shipping Company of Saudi Arabia (NSCSA) was formed in 1979 as a Saudi Joint Stock Company by a Royal Decree No. M/5 dated 12/02/1398H (22/01/1978). Through implementing the successive strategic plans, the company continued to grow and to realize its mission and stated objectives through optimal utilization of resources to achieve the best return for the owners and for the shareholders. NSCSA services cover multiple markets around the world through its branch offices and a network of agents. NSCSA has also established subsidiaries and entered into several investments. In view of the importance of the shipping industry and its impact on the overall development of the Kingdom and associated imports and exports with global markets, NSCSA has been of significant support and continues to contribute to accelerating the wheel of development of the Kingdom. This is clearly manifested in the diverse shipping activities of NSCSA which include general cargo, crude oil, petrochemicals and liquefied petroleum gas (LPG) transportation. NSCSA’s successive board of directors and executive management continued to extend distinct and constant development efforts at the domestic level, which included updating regulations

Annual Report 2009 The National Shipping Company of Saudi Arabia


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