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.