National Shipping Co. sole transporter of Saudi Aramco products

National Shipping Co. sole transporter of Saudi Aramco products

National Shipping Co. and Saudi Arabian Oil Co. (Aramco) have signed an agreement confirming that they will merge their fleets of oil tankers in a deal worth $1.3 billion.
National Shipping will pay $832.8 million and issue 78.8 million new shares at $5.93 to Aramco’s Vela International Marine Ltd. unit, amounting to a 20 percent stake in the company.
The deal will make National Shipping the owner of the fourth largest fleet of crude oil tankers in the world, and the sole transporter of Saudi Aramco products, as confirmed by long-term contracts.
>Oil and Gas Press

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