About the Company The The National Shipping Company of Saudi Arabia (Bahri), based in Riyadh, was established by Royal Decree No. M/5 dated January 22, 1978 and listed on the on the Saudi Stock Exchange (Tadawul). Bahri began its operations in the general cargo shipping sector in 1983. Two years later, Bahri entered the petrochemicals shipping market, and in the mid 90s, expanded its operations to include oil transportation, followed by invest- ing in the business of liquefied petroleum gas (LPG). By acquiring a share in Petredec Ltd. In 2010, Bahri added dry bulk cargo as a new line of business. Today, Bahri is among the leading maritime transportation companies in the world, in which the Public Investment Fund (PIF) holds 22% of its shares followed by Saudi Aramco with (20%), while the remaining shares are owned by individuals and corporate investors. In 2012, Bahri signed binding agreements with Saudi Aramco and Vela International Marine Ltd., a wholly owned subsidiary of Saudi Aramco, to merge the fleet and operations of Vela with Bahri. In accordance with this agreement, the whole fleet of Vela (i.e. 14 double-hull VLCCs, one floating storage oil tanker, and 5 tankers of refined oil products) will be transferred to Bahri. The transfer process was completed in December 15, 2014. Bahri has received several awards, which are reflections of its excellence and client confidence. Bahri has reinforced this position by adopting a policy of comprehensive disclosure and transparency, especially with respect to its operational results. Bahri implements very high safety standards in all of its operations and takes environmental consid- erations into account. The Company is also committed to adopting Corporate Social Responsibility (CSR), achieving continued growth, utilizing available resources optimally, and fulfilling its mission and objectives. Due to the expansion of its activities and fleet, the Company incorporated the Mideast Ship Management Ltd in 1996 to provide technical services to the vessels and tankers of Bahri and its subsidiaries.
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Annual Report 2014
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