Finance and InsuranceMiddle EastTankers

Bahri gets $133m to buy chemical tankers

National Chemical Carriers (NCC), part of Saudi Arabia’s National Shipping Company (Bahri), has secured $133.2m in Islamic financing, which will be used to purchase five chemical tankers.

The 10-year murabaha facility has been secured from Arab Petroleum Investments Corporation and BNP Paribas.

A murabaha is an Sharia-compliant financing structure in which an intermediary buys a property with free and clear title. The loan does not bear interest.

NCC currently owns a fleet of 31 chemical/product tankers, most of which are MR vessels of around 45,000 dwt.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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