Saudi Arabia's National Shipping Company, or Bahri, announced Wednesday that its subsidiary National Chemical Carriers Company, or NCC, has signed a five-year time charter agreement for three chemical tankers with International Shipping and Transportation Company, or ISTC.
ISTC is a subsidiary of Saudi Basic Industries Corporation, or Sabic.
The agreement is valued at Riyals 480 million ($128 million) and has an option of extension for five years, Bahri said in a statement posted on the Saudi stock exchange Tadawul.
While two of the chemical tankers that NCC will operate for ISTC as per the agreement have capacity of 45,000 dwt, the third has a capacity of 75,000 dwt. All three tankers will carry liquid petrochemicals, Bahri said.
