B. The following schedule illustrates the distribution of the Company’s and subsidiaries’ assets and liabilities according to the operational segments as of December 31:
2010
General Cargo Transportation (Liner)
Crude Oil Transportation
Petrochemical Transportation
Bulk Transportation
Shared Assets and Liabilities *
Total
Assets
5,519,163 2,460,319
2,961,285 1,917,823
207,488
200,000
1,078,343 9,966,279 148,030 4,587,896
Liabilities
61,724 ---
2009
General Cargo Transportation (Liner)
Crude Oil Transportation
Petrochemical Transportation
Bulk Transportation
Shared Assets and Liabilities *
Total
Assets
5,747,711 2,597,619
3,309,741 2,358,664
211,892 --- 61,377 ---
1,067,490 10,336,834 141,535 5,159,195
Liabilities
* Shared assets and liabilities represent amounts which cannot be determined for a specific segment such as cash, deposits, government bonds, unclaimed dividends, etc.
20. Operating expenses reduction a) In 2009, NCC reached an agreement on certain amendments to charter party agreements with a charterer with retrospective application. This resulted in reduction of operating expenses which was determined at SR 14.7 million for the year ended December 31, 2008 and was credited against operating expenses for the year ended December 31, 2009. Such reduction for the year ended December 31, 2010 amounted to SR 16.1 million (2009: SR 16.4 million) which was also credited against operating expenses for the year ended December 31, 2010 and 2009, respectively. b) NCC provided a provision for contingent liability in 2007 and 2008 for SR 13.5 million and SR 17 million, respectively, related to potential Time Charter Hire Performance claims. During 2009, the total claim amount for the years 2006 through 2008 was mutually agreed with the charterer for SR 2.3 million resulting in excess provision of SR 28.2 million which was credited against operating expenses during the year ended December 31, 2009.
The National Shipping Company of Saudi Arabia Annual Report 2010
74
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