National Shipping Company inks Islamic 10-year financing agreement for construction of five tankers
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, has announced it has signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers.
The 10-year murahaba financing was arranged by Standard Chartered, which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi, it said.
A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.
The tankers were previously ordered from South Korea's Hyundai Samho Heavy Industries Co.