Saudi NCC signs deal to transport petrochemicals

Thursday, 16 August 2012 07:59

The National Chemical Carriers Company (NCC) has signed a five-year time charter agreement for three chemical tankers with International Shipping and Transportation Company, a subsidiary of Saudi Basic Industries Corporation (Sabic)

The agreement has been valued at US$128mn. The tankers will be used to transport liquid petrochemicals to international ports for a period of five years, with an option to extend the contract for a further five years.

“NCC is proud to provide a world-class standard and specialised carriers to transport Sabic’s liquid petrochemicals,” NCC chairman said Al-Rubaian said.

Two of the tankers will have a capacity of 45,000 long tonnes deadweight (DWT) and the third will be slightly larger with a capacity of 75,000 DWT.

NCC is a joint venture between Saudi Arabia's National Shipping Company (Bahri) who owns 80 per cent and Sabic who holds the remaining 20 per cent.