Notes to Consolidated Financial Statements December 31, 2014 (in Thousands Saudi Riyals)
1- Organization and operations The National Shipping Company of Saudi Arabia, a Saudi Joint Stock Company (“the Company” or “Bahri”), was established under the Royal Decree No, M/5 dated Safar 12, 1398H (corresponding to January 21, 1978), and registered under Commercial Registration No, 1010026026 dated Dhul Hijjah 1, 1399 H, (corresponding to October 22, 1979) issued at Riyadh. The Company and its subsidiaries listed below (the “Group”) are primarily engaged in the purchase, sale and operating of vessels for the transportation of cargo and passengers, and all of the marine transport activities. The Group come out its activities through four distinct segments which are Crude oil transportation and Gas & marine services, chemicals, general cargo (liners), and dry bulk. The Group is also engaged in the ownership of lands, properties inside or outside the kingdom, ownership of shares in other existing companies or merge with them and participate with others in establishing companies with similar or complementary activities.
During the year ended December 31, 2014, the capital has been increased from SAR 3,150,000,000 to SAR 3,937,500,000 by transferring the ownership of six vessels from Vela Company (note 26). The number of shares and the capital paid as of 31 December are as follows:
2014
2013
Number of shares*
Capital paid
Number of shares*
Capital paid
393,750,000
3,937,500,000
315,000,000
3,150,000,000
* Nominal value is SAR 10 per share.
The subsidiary companies incorporated into these consolidated financial statements are as follows:
Date of incorporation
Ownership in 2014
Ownership in 2013
Name
Activity
Location
Company’s ships agent Ships technical management Petrochemicals transportation Dry Bulk transportation
NSCSA (America) Inc.
USA
1991
100 %
100 %
Mideast Ship Management Ltd. (JLT) National Chemical Carriers Ltd. Co. (NCC)
Dubai
2010
100%
100%
Riyadh
1990
80 %
80 %
Bahri Dry Bulk LLC
Riyadh
2010
60%
60%
106
Annual Report 2014
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