14- Ships under construction and others The movement in the account of ships under construction and others for the year ended December 31 is summarized as follows:
2014
National Chemical Carriers
Bahri Dry Bulk Company
The Company
Total
Beginning Balance
440,313
-
236,155
676,468
Additions
125,503
-
276,021
401,524
Disposals
-
-
-
-
Transferred to fixed assets
(553,777)
-
(512,176)
(1,065,953)
Ending Balance
12,039
-
-
12,039
2013
National Chemical Carriers
Bahri Dry Bulk Company
The Company
Total
Beginning Balance
697,969
322,988
151,034
1,171,991
Additions
818,744
132,008
209,609
1,160,361
Disposals
-
(184,854)
-
(184,854)
Transferred to fixed assets
(1,076,400)
(270,142)
(124,488)
(1,471,030)
Ending Balance
440,313
-
236,155
676,468
Capitalized borrowing costs during the year 2014 amounted to SR 1.6 million (2013: SR 10.14 million).
On December 24, 2012, The National Chemical Carriers (subsidiary) terminated the contract for building the last vessel as a result of Shina Co. failure to deliver it within the timeline specified in the contract signed in 2007 and its amendments signed in 2012. The contract states that NCC Company has the right to terminate the contract if the delay period exceeded the allowed period. On February 2013, all paid installments were recovered amounting to USD 41.6 million plus compensation. As a result of this settlement, an amount of SR 16.3 million was recognized as other income (Note 22).
15- Accounts payable and accruals Accounts payable and accruals comprise the following at December 31: Description 2014
2013
453,738
Trade payables
208,769
Value of sold shares (related to previous share- holders)
21,744
22,004
17,087
Accrued expenses
77,130
4,056
Others
1,047
496,625
308,950
119
The National Shipping Company of Saudi Arabia ( )
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