NCC signs ship financing agreement

09 July 2004
The local National Chemical Carriers (NCC) on 6 July signed finance agreements worth a total of SR 600 million ($160 million). The funds will cover up to 80 per cent of the contract price for six large chemical tankers ordered from South Korea's Hyundai Mipo Dockyard.

Samba Financial Groupwas mandated lead arranger on the facility, with Arab Petroleum Investments Corporation (Apicorp)and Banque Saudi Fransi coming on board at syndication. Samba will provide 56 per cent of the financing, with Apicorp and Saudi Fransi covering equal portions of the remainder.

NCC signed contracts in 2003 worth SR 750 million ($200 million) with Hyundai for the carriers. Delivery, scheduled for 2005/06, will take NCC's fleet to 18 vessels with total capacity of 600,000 dwt. The fleet will primarily serve the export requirements of Saudi Basic Industries Corporation .

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