Bahri sells aging cargo ship for scrap

· Tuesday, March 26, 2013

   The National Shipping Co. of Saudi Arabia (Bahri) has sold its general cargo vessel, Saudi Diriyah, for scrap.
   The company received SAR 30.25 million ($8 million) for the ship, generating a net gain of about SAR 19.5 million after deducting its book value and all expenses related to the sale. The financial impact of this transaction will be reflected in the first quarter 2013 results, Bahri said.
   The liner company recently announced contracts to acquire six new general cargo vessels to replace older units in its fleet.
   In addition to the sale of Saudi Diriyah, Bahri had announced Jan. 19 the sale of Saudi Abha, the first of the general cargo ships.
   “Two sister ships remain to be sold in sequence coinciding with the delivery of the remaining new builds,” the company said.

Chris Gillis

Located in the Washington, D.C. area, Chris Gillis primarily reports on regulatory and legislative topics that impact cross-border trade. He joined American Shipper in 1994, shortly after graduating from Mount St. Mary’s College in Emmitsburg, Md., with a degree in international business and economics.