Main achievements of 2014 Merger of Vela’s fleet and operations with Bahri completed. The process started in 2012 and involved 20 tankers. In August 2014, Bahri evaluated the tankers through international ship mediator, and the valuation showed an increase in the tanker’s value compared with the evaluation carried out in 2012. The Memorandum of Understanding (MoU) signed in 2013 between Bahri, Saudi Aramco, and Sembcorp Maritime Ltd. - a major international company in maritime and engineering services based in Singapore, was extended until October, 29, 2015. It will remain effective until finalizing the economic feasibility studies of constructing a maritime shipyard in the Kingdom of Saudi Arabia. Increasing of The Company’s share capital from SAR 3,150,000,000 to SAR 3,937,500,000 by issuing 78,750,000 ordinary shares with a face price of. SAR 10 per share. The shares resulting from the capital increase will be evaluated that is, SAR 22.25, per share as agreed with Saudi Arabian Oil Company (Saudi Aramco), i.e. an addition of SAR 12.25 to the face value. Accordingly, the total value of the new shares will be SAR 1,752,187,500 and will be owned by Saudi Aramco Development Co., which is totally owned by Saudi Aramco. In September 2014, and by a Royal Decree, the contract with the Ministry of Defense for additional (5) years ending in 2019, with a total amount of SAR 383 million. Under this contract, Bahri will remain the official shipping carrier for the different divisions of the armed forces of the Ministry, providing all logistic services related to maritime, air and land cargo throughout the contract term. In March 2014, the last dry bulk vessel, contracted in 2012, was received by Bahri Dry Bulk (a subsidiary company 60% owned by Bahri). The company started its operations in 2010 by leasing five (5) dry bulk vessels to Arabian Agricultural Services Company (ARASCO). Currently, Bahri Dry Bulk operates its own five (5) dry bulk vessels. The Company appointed external consultants to develop a comprehensive strategic plan for 2015- 2019. Such plan will define the strategic objectives of the different business units and ensure that the objectives are in line with the overall strategy of the Company. The plan is being reviewed by the Strategy and Investment Committee and will require the Board’s approval before implementation.
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The National Shipping Company of Saudi Arabia ( )
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