Saudi's Bahri says secures 1.43 bln riyal Islamic loan for five VLCCs

April 3, 2016 6:05 AM

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DUBAI, April 3 National Shipping Company of Saudi Arabia said on Sunday it had signed a murabaha facility with Riyad Bank valued at 1.425 billion riyals ($380 million) to finance the construction cost of five very large crude carriers.

The facility lasts for a period of 10 years and six months, and includes a maximum two-year grace period, the firm known as Bahri said in the bourse statement.

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