Vela ‘Exits’ Spot Market Prior To Merger
News: Vela International Marine, a wholly owned subsidiary of Saudi Aramco, has reportedly exited the spot market prior to its merger with the National Shipping Company of Saudi Arabia (Bahri) in 2013, reports Argus Media. Vela has been absent from the spot market for Ras Tanura since December 18 2012. The merger, if approved, will lead to the transfer of Vela's entire fleet to Bahri and will make Bahri the exclusive provider of VLCC crude shipping services to Saudi Aramco under a long-term agreement. Saudi Aramco had signed a deal with Bahri to divest Vela for around US$1.3bn in cash and shares in 2012.