Bahri Dry Bulk Starts Operations
By Pritha Dey
The National shipping Company of Saudi Arabia (Bahri) announces that its 60 percent owned subsidiary Bahri Dry Bulk has started its operations by chartering in two Kamsarmax Dry Bulk Ships to serve its customers grain import requirements into the Kingdom. The time chartered vessels start on Saturday, August 4, 2012, and are contracted for periods of 17-21 months.
The vessels are sub-let to Bahris joint venture partner, Arabian Agricultural Services Company (ARASCO) and will be employed to transport Grains and Grain products into Saudi Arabia from South and North Americas and other exporting countries.
The financial impact of these time-charters on the company revenue will appear starting from the third quarter of the current year.
The company plans to increase the number of units to five ships, and continue to work in this order until delivery of its 5 new buildings under construction which are expected to be delivered in sequence starting from the fourth quarter of 2013 throughout the first half of 2014.