June 29 - The National Shipping Co. of Saudi Arabia has signed a 'murabaha' financing agreement with the Saudi British Bank (SABB) and the National Commercial Bank for SR822.6 million (USD219.3 million) that will finance 80 percent of the cost to construc

NSCSA, which has an option for two additional ships, revealed that these ships will be used in a liner service connecting the U.S. East Coast to the Middle East (Red Sea-Arabian Gulf) and to the Indian Subcontinent via Europe, replacing four ships approaching the end of working lives.

The contract for the ships was originally signed in early March - see the news item on this website - and delivery is expected to start towards the end of 2012.

Chief executive officer, Eng. Saleh Nasser Al-Jasser said the 26,000 dwt ships will be able to carry containers, general freight as well as project and ro-ro cargoes. The ships are equipped with heavy lift cranes and despite a lower deadweight than the ships which they are replacing, these new ships have a larger capacity and lower fuel consumption.

The July/August edition of HLPFI will include a market report on the Kingdom of Saudi Arabia. For last minute advertising or editorial opportunities, please contact Luke King - luke@heavyliftpfi.com