Eric Watkins
Senior Correspondent
LOS ANGELES, Jan. 24 -- National Shipping Co. of Saudi Arabia (NSCSA) plans to purchase as many as 17 very large crude carriers and chemical tankers under a 5-year expansion plan.
NSCSA Pres. Saleh Al Shamekh said the acquisition of nine VLCCs and eight chemical tankers will follow in phases depending on demand for crude oil transport and market conditions.
"There is high growth in crude transportation business as demand for oil has risen in China, India, and the US," he said.
As a result, NSCSA—28% owned by the Saudi government—will consider the acquisition of additional modern double-hull VLCC tankers, both new vessels and second-hand carriers not more than 5 years old.
"The acquisitions will double the number of VLCCs in our fleet by 2010," he said. NSCSA currently has nine double-hulled crude carriers, nine chemical tankers, and four multipurpose roll-on/roll-off ships in service.
It is expected to take delivery of eight new chemical tankers of 46,200 dwt each this year and next.
In 2004 the company signed an agreement with South Korea's Hyundai Samho Heavy Industries for two VLCCs of 318,000 dwt each. These vessels are scheduled for delivery in third quarter 2007.
Contact Eric Watkins at [email protected].
