Bahri, Apicorp launch fund

NATIONAL Shipping Company of Saudi Arabia (Bahri) has signed a deal with Arab Petroleum Investments Corp (Apicorp) to launch a $1.5 billion investment fund that could buy up to 15 very large crude carriers (VLCCs).

The fund will be seeded with $500 million on three occasions, subject to conditions, Bahri said in a bourse statement, adding it will subscribe to 15 per cent of the fund's capital.

Apicorp will provide the remaining 85 per cent and be the manager for the fund.

Marsol to showcase craft

UAE-based Marsol International, a global marine solutions provider focused on the offshore oil terminal market and related infrastructure, said it will showcase its Rhino Craft 750 HDPE vessel at upcoming events in Abu Dhabi and Dubai.

The multi-purpose workboat is fabricated from ductile, high-strength polyethylene and has been designed with a primary focus on the offshore oil and gas and coastal patrol markets. 

The events take place in Abu Dhabi on August 2 and 3 at the Al Raha Beach Marina, and in Dubai on August 8 and 9 at the Dubai Creek Marina.

Jinhui to sell supramax

JINHUI Shipping and Transportation, which recently sold its supramax bulk carrier to a UAE firm, has signed an MoU to sell another supramax  carrier, Jin Rong (50,236 dwt, built 2000) for $3.4 million.

The Oslo-listed shipping company said the sale will incur a $4 million book loss.

Weeks earlier, Jinhui had sold its supramax Jin An (50,800 dwt, built 2000) to the UAE’s Al Khalejia Aggregates for $3.4 million.

Jinhui, which is also listed in Hong Kong, is undergoing restructuring with its creditors.

Ports handle 233 m tonnes

SAUDI ARABIA’S nine major commercial and industrial ports handled 233 million tonnes of goods other than crude oil in 2015, up 10.95 per cent over the previous year, the Saudi Press Agency reported.

Revenues totaled SR4.467 billion ($1.19 billion), an increase of 9.2 per cent compared with the 2014 revenues.