Saudi national shipping company signs financing facilities with Manhattan bank

A Saudi Arabian shipping company signed two financing facilities worth 426.5 million US dollars with Chase Manhattan Bank.

The first deal, worth 300 million US dollars, would be used to refinance the purchase of five large crude carriers and the remaining l26.5 million US dollars would be used in financing the building of three container ships.

28.8 percent of the company's shares are owned by the Saudi government; it has already taken delivery of the five very large crude carriers built at a cost of around 400 million US dollars by Japan’s Mitsubishi heavy industries.

The ships will carry crude produced by state run Saudi Aramco Company under a three-year agreement signed last year with this company's shipping arm, Vela International Marine.