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Bahri to Set Up JV Company with Suez Canal Authority

National Shipping Company of Saudi Arabia (Bahri) is exploring possibilities with the Suez Canal Authority (SCA) on establishment of a joint Egyptian-Saudi shipping company.

22 January 2016

Namely, the two sides sealed a strategic agreement on cooperation in maritime transport on Wednesday, Bahri said.

Under the deal, the duo has decided to conduct a feasibility study on the joint venture company that would be headquartered in Egypt.

The join venture company would be engaged in transporting products and the materials required by the Suez Canal Axis Development project.

In addition, the company would provide integrated maritime services to vessels transiting the Suez Canal.

However, for the project to move forward it would need to secure approval from relevant authorities. As no other particulars were disclosed, Bahri said it would provide further details on the matter, once available.

Separately, Bahri announced that it has taken delivery of the two second-hand VLCCs ordered in December. Namely, the Voss Spirit, was transferred to Bahri’s ownership on Tuesday, 19 January 2016 and her name was changed to Arsan. The second vessel, Hemsedal Spirit, was transferred to Bahri on Wednesday and re-named to Dilam.