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 .