NSCSA secures loan to purchase 4 ships

National Shipping Company of Saudi Arabia (NSCSA) has signed a Murabaha financing agreement with the Saudi British Bank (SABB) and the National Commercial Bank for SR822.6 million ($219 million). The money will be used to finance 80% of the cost of constructing two general cargo ships and 20% will be financed by the company and optional two ships that were contracted with Hyundai MIPO Shipyard in South Korea earlier this year.
Repayment will start after three months from taking delivery of the ships and will be repaid in equal quarterly installments and a balloon payment at the end of the tenor of about (30 %) of the contract value.

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