Financial Statements Report 2011
Notes To The Consolidated Financial Statements For the year ended December 31, 2011 (In Thousands Saudi Riyals)
20. RELATED PARTY MATTERS
During the year, the Company transacted with the following related parties. The terms of those transactions are similar to ordinary transactions.
Name
Relationship
International Shipping and Transportation Co. Ltd. (ISTC)
Affiliate
NCC Odfjell Chemical Tankers JLT
Affiliate
a- Related party transactions Significant transactions with related parties in the ordinary course of business included
in the consolidated financial statements are summarized below:
2011
2010
281,554
185,068
Operating revenue
2,175
1,080
Pool technical expenses incurred
161
135
Insurance expenses incurred
b- Related party balances Significant year end balances arising from transactions with related parties are as follows:
Receivable from related parties
2011
2010
15,935
16,291
ISTC
35,119
5,946
NCC Odfjell Chemical Tankers JLT
51,054
22,237
Payable to related parties
2011
2010
ISTC
5,200
1,886
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NCC Odfjell Chemical Tankers JLT
3,207
5,200
5,093
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