Bahri Sells General Cargo Vessel For Scrap
News: The National Shipping Company of Saudi Arabia (Bahri) sold its general cargo vessel Saudi Tabuk for scrap on October 9. The vessel was sold for SAR29.17mn (US$7.77mn), generating a net profit of SAR18.31mn (US$4.88mn) following deduction of its book value and sale-related expenses. The divestment, which follows the sale of three general cargo ships, is part of Bahri's fleet replacement programme. The financial impact of the sale is expected to be reflected in the company's Q413 results. Meanwhile, the company had earlier signed six ship-building contracts to construct six new general cargo vessels to replace the older fleet.