A memorandum of understanding between the “Saudi Bahri” and the “Suez Canal”
to establish a joint transportation company
The Saudi National Shipping Company “Bahri” signed a non-binding memorandum of understanding with the Suez Canal Authority to establish a joint Egyptian joint stock company for maritime transport.
According to a statement issued by the Saudi “Bahri”, that the company to be established is specialized in owning, renting, renting and operating ships for the purpose of transporting general and bulk goods, chemicals, oil and all operations related to maritime transport.
The statement added that the term of the memorandum of understanding is 6 months from the date of its signing, subject to renewal, and the financial impact of the memorandum of understanding cannot be determined at present.
Bahri was established in 1978 by a Saudi royal decree as a public company. The company operates in the field of oil and chemical tankers, bulk cargo, logistics services and ship management.
Bahri was initially known as the National Shipping Company of Saudi Arabia (NSCSA), and the Public Investment Fund (PIF) owns 22.55% of its shares, while the Saudi Aramco Development Company (SADCO) owns 20% of the company, and 57.45% of the shares are listed in Saudi stock market (Tadawul).
Bahri is one of the largest owners and operators of VLCCs in the world, with a total carrying capacity of more than 13 million tons, in addition to chemical tankers. The company’s operational fleet has a capacity of about 1.3 million deadweight tons.
Bahri’s fleet includes 95 modern and advanced ships, enabling it to serve more than 150 ports around the world. The fleet ranges from 40 crude oil and petroleum product tankers, 40 chemical and product tankers, 6 multi-use vessels and 9 bulk carriers, according to the company’s website.