18. Other Liabilities This item represents the total of amounts received from one of the ships building companies as at December 31, 2013 and 2012 against charging this company with the repair costs of the tanks related to the new six vessels built for National Chemical Carrier Company (subsidiary company). Therefore, it was agreed to charge the ships building company a total amount of US$ 9.8 million (SR 36.750 million), US$ 1.7 million (SR 6.1 million) for each ship. During the year ended December 31, 2013, repair of tanks for one of these vessels was made during its maintenance period, which resulted in saving of SR 5.2 million (2012: nil) and it was recognized as other income (note 21). As the subsidiary company does not have a maintenance plan for the remaining vessels for the next 12 months, this item was classified as non-current liabilities. The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Notes To The Consolidated Financial Statements December 31, 2013 (In Thousands Saudi Riyals)
19. Related Party Transactions In its ordinary course of business, the Group deals with related companies on an arms’ length basis. The following are the details of such transactions during the year: 2013
2012
Revenues
294,985
182,922
Pool management fees
7,650
6,632
Insurance expenses incurred
18,380
20,090
Balances of such transactions as at December 31 are as follows: Amounts due from related parties shown under trade receivables are as follows: 2013
2012
ISTC (an affiliate)
33,278
12,148
20. General and Administrative Expenses General and administrative expenses for the year ended December 31 comprise the following: 2013
2012
Employees’ salaries and benefits
73,643
66,526
Depreciation
3,622
3,319
Boards of Directors expenses
2,586
4,673
Others
14,299
8,545
94,150
83,063
21. Other Income, Net Other income, net for the year ended December 31 comprise the following:
2013
2012
Gains on sale of fixed assets
75,496
12,507
Net income from investments
18,452
7,337
Settlement for cancellation of a ship under construction (note 13)
16,316
-
Increase recoveries from insurance claims
6,649
1,485
Settlement for repair of ships (note 18)
5,242
-
Impairment in the value of available for sale investment
(17,667)
-
Others
1,369
(1,194)
105,857
20,135
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