Independent journal on economy and transport policy
07:13 GMT+1
This page has been automatically translated by Original news
Project of fusion between Bahri (The National Shipping Company of Saudi Arabia) and Sail (Saudi Aramco group)
A company with a fleet of 77 ships will be born, of which 32 VLCC, 20 to chimichiere, five product tanker, four ro-ro and 16 ships under construction
June 28, 2012
The shipowning company Saudi The National Shipping Company of Saudi Arabia, than recently has decided to use which own brand instead that acronym NSCSA the new Bahri brand, has signed a not binding agreement with the oil society Saudi Aramco with the objective to verify the conditions for a fusion of the fleet and the activities of the Bahri with those of the Sail International Marine Ltd. , society integrally controlled from Saudi Aramco. The objective is to reach to a definitive understanding in the last trimester of this year and to formalize the transaction in the course of 2013.
If the understanding will succeed, the fusion will include the staff of both the companies, that it is composed for the Bahri by 1.322 marine and 332 marine people to earth and for Sail by 800 and 150 units to earth, let alone the responsibility of the raw management of the fleet of very large carrier (VLCC) of Saudi Aramco, that it will fall back on the corporate structure of the Bahri.
With the fusion a company with a fleet of 77 ships composed from 32 VLCC, of which 17 of the Bahri and 15 of the Sail, from 20 to chimichiere of the Bahri, five product tanker of the Sail and from four ro-ro of the Bahri let alone from 16 new ships (five to rinfusiere, five would be born to chimichiere and six multipurpose) of which Bahri it has ordered the construction.
The fusion project previews that Bahri in the long term becomes supplier in exclusive right of Saudi Aramco of the services of marine transport of crude oil within an agreement. The understanding moreover previews that Bahri backs to Sail a total figure of about 1,3 billion dollars (equivalents to beyond 4,87 billion riyal), of which 832,75 million dollars cash more 78,75 million actions of the Bahri of new issue of the unitary value of 22,25 riyals that will represent a quota pairs to 20% of the capital stock of the Bahri after the emission.
With the constitution of a new total leader in the field of shipping - it has commented the president and managing director of the Saudi Aramco Saudi, Khalid Al-Falih - Saudi Aramco it confides to create to a strong company, in a position to insisting on own abilities in the section of the marine transport and to satisfy own pocketbook of activity in increase. In its turn - it has added - this company will serve which national model in order to promote the development of a flourishing national marine industry that will in the long term create places of work and other opportunities for the Reign.
We consider absolutely - he has emphasized the managing director of Bahri, Saleh Al-Jasser - than the planned operation offers to Bahri an only opportunity in order to ulteriorly diversify own model of business and in order to strengthen our ability to so satisfy the requirements of transport of Saudi Aramco as continuing to serve other customers.
The fusion is subject to a series of conditions of legal, financial and technical type, to the approval by the competent authorities and to the approval of the transaction and the increase of capital by the shareholders of the Bahri.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher