The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Notes to the Consolidated Financial Statements As of December 31, 2012 (in Thousands of Saudi Riyals)
18. Related Party Matters
In its ordinary course of business, the Company deals with related companies using the same terms and conditions used with third parties.
The following is an analysis of such transactions during the year:
2012
2011
Revenues
143,750
128,750
Pool management fee
6,632
5,028
Insurance management fees incurred
20,090
18,375
Year end balances from such transactions as at December 31 are as follows:
Due to related parties shown under receivables are as follows: 2012
2011
ISTC
16,445
15,935
NCC Odfjell Chemical Tankers JLT
50,066
35,119
Total
66,511
51,054
Due to related parties shown under payables are as follows:
2012
2011
ISTC
4,297
5,200
NCC Odfjell Chemical Tankers JLT
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Total
4,297
5,200
98
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