The shipping company Saudi National Shipping Company of Saudi Arabia (NSCSA) has awarded the South Korean shipyard Hyundai MIPO a contract valued at 1.543 billion riyals (411 million dollars) which includes the construction of four new vessels for cargo and rolling stock of about 26,000 deadweight tonnes and options to build two more units of the same type.
NSCSA stated that it is in talks with the government fund Saudi Public Investment Fund (PIF) and a number of commercial banks to finance about 80% of the project, while the remaining 20% will be financed by resources of the company.
The company explained that the contract is in line with the current implementation of the strategic plan that provides for the expansion of NSCSA in the general cargo sector.The delivery of new vessels will begin in late 2012 and continue until the end of 2013, while the delivery of the first ship of the second option and will be observed during the first quarter of 2013 and 2014.
The new vessels will replace units that are part of the current fleet of NSCSA that will be put out of service in the period 2012-2013 and will be employed in services between the east coast of the United States and the Middle East / Indian sub-continent.
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