Saudi shipping company signs deal for two tankers

27 December 2010

The deal comes after the initial contract was cancelled in May

The National Shipping Company of Saudi Arabia (NSCSA) will buy two petrochemical tankers worth SR322.5m ($86m) from South Korea’s SLS Shipbuilding Company.

NSCSA says that it will buy the tankers through its subsidiary National Chemical Carriers. It expects to take delivery of both tankers during the first half of 2011. This deal replaces a contract that NSCSA had previously signed with SLS to build the two vessels for SR367.5m. This contract was cancelled on 19 May due to a delay in the scheduled delivery date.

National Chemical Carriers also expects to receive nine further tankers in the coming two years that are currently being built by SLS.

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