Bahri Annual Report-2008

The National Shipping Company of Saudi Arabia

Annual Report 2008


Growth of VLCCs

Number of Carriers

Capacity (Static tons)

Description Fleet at the beginning of 2008 Vessels received during 2008 Fleet as at 31 December 2008 Vessels under construction and expected to be received in 2009 Total

11 2 13 4 17

3.348.605 636.000 3.984.605 1.272.000 5.256.605

Liquefied Petroleum Gas Transportation In line with the stated objectives of the company as manifested in the diversification of sources of income, in 2005 NSCSA embarked on investing in Petredec limited for trading and shipping LNG, based in Bermuda, through the purchase of 30.3% stake of its capital in an amount of (187.5) million Saudi Riyals. Petredec operates in the field of trade and shipment of liquefied petroleum gas. It operates a fleet of 64 carriers of various sizes, including 19 carriers owned by Petredec and the rest are leased on charter contracts and operated on

spot and long-term contracts. According to its expansion plan, Petredec has contracted to build six liquefied gas carriers, four of which were received in 2008, and the remaining tankers are expected to be received in the first half of the year 2009. Over the past years, the company achieved remarkable profits from this investment, amounting to a total of SAR 220.7 million by the end of 2008.

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