Published: Aug 10, 2014
Source: Tadawul

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Addendum announcement from bahri in relation to the merger of vela fleet and operations with bahri

Subsequent to The National Shipping Company of Saudi Arabia (Bahri) announcement on 21 July 2014 relating to merging the Vela fleet and operations with Bahri. Bahri announces that (Capricorn Star), one of the VLCC vessels in the Vela fleet, was transferred to Bahri's ownership on Thursday 7 August 2014 and her name was changed to (Lulu). The remaining Vela vessels shall be transferred to Bahri on a staggered basis according to an agreed upon vessel delivery schedule with Vela and is expected to be completed before the end of 2014. The financial impact will materialize during the third quarter of 2014.

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