The associated company that is not consolidated into these consolidated financial statements is as follows (note 10):
Accounting method
Date of incorporation
Ownership in 2014
Ownership in 2013
Name
Activity
Location
Liquefied petroleum gas transportation
Petredec Ltd*
Bermuda
1980
30.30% 30.30%
Equity method
* As the year-end of Petredec is different from that of the Company, the share of the Company in its net income/loss is included in the books according to the latest financial statements prepared by Petredec. The difference between the latest financial statement prepared by Petredec and the Company’s consolidated financial statements is two months. The fiscal year for Petredec starts on September 1 and ends on August 31 of each Gregorian year.
Group’s fleet The group owns seventy two vessels operating in various sectors as follow:
The Company “Bahri” owns thirty two huge oil tankers, of which thirty one oil tankers are operating in the spot market, while one tanker is rented to ARAMCO Trading Company. The company also owns an additional five product tankers, which are all rented to ARAMCO trading Co. In addition, the company also owns six RoCon vessels operate on commercial lines between North America and Europe, the Middle East and the Indian subcontinent. NCC (subsidiary) owns twenty four specialized chemical tankers distributed as follows: • Three vessels are leased in the form of iron under capital lease signed on January 30, 2009, with "OdfJell SE". • Twelve tankers that are self-operated by the Company. • Eight carriers leased to the International Shipping and Transportation Co, Ltd. a subsidiary of Saudi Basic Industries Corporation "SABIC". • One tanker operates in a pool with OdfJell SE and managed by the Company
BDB (subsidiary) owns five vessels specialize in transporting dry bulk cargo, all of which are leased to the Arabian Agri- cultural Services Co.(ARASCO).
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The National Shipping Company of Saudi Arabia ( )
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