Dubai: Commercial law firm Ince & Co has advised the National Shipping Company of Saudi Arabia (Bahri) in relation to the transfer of 20 tankers from Vela International Marine Limited, as part of a merger worth $1.3bn.
The transaction, which has been on-going for about two years, concluded on December 15 when the ownership of the final ship was transferred to Bahri.
The company assisted with preparing shipping documentation for each vessel delivery, in addition to arranging mortgage registration for each of the vessels.
The deal involved 14 VLCCs, a floating storage VLCC, one Aframax tanker and four product tankers, according to Ince & Co.
The completion of the deal would make Bahri become the third-largest owner of VLCCs in the world. [29/12/14]