Bahri Annual Report-2009

Management Report

Growth of VLCC’s Fleet


Number of VLCCs

Capacity (Static Tons)

Fleet as at the beginning of 2009


3,984,605 1,272,000 5,256,605

VLCCs received in 2009


Fleet as at 31 December 2009


Transportation of Liquefied Petroleum Gas (LPG)

various sizes, of which (13) are company-owned and the remaining number of carriers are chartered on spot and long-term operational contracts. Petredec business covers Asian and European markets as well as the Caribbean region. Over the past years, NSCSA realized remarkable profits from this investment. The company’s share in Petredec’s net profits amounted to SAR 84.94 million in 2009, compared to SAR (3.84) million net loss in 2008.

Petredec Co. Ltd. was founded in 1980 by a group of international investors, and it currently operates exclusively in trade and transport of liquefied petroleum gas. This Bermuda-based company has offices in Monaco, Singapore and the Bahamas. In 2005, the National Shipping Company of Saudi Arabia (NSCSA) bought a stake representing 30.3% of the share capital of Petredec Co. Ltd. The business activity of Petredec limited in the field of trade in liquefied natural gas is supported by a fleet of specialized gas carriers, consisting of (58) vessels of

Annual Report 2009 The National Shipping Company of Saudi Arabia


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