The National Chemical Carriers Company (NCC) signed a time charter agreement for (3) chemical tankers with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation - SABIC), to transport petrochemicals liquids to the international ports for a period of five years, with an option of extension for (5) years period.
Engr. Abdullah S. Al-Rubaian, Chairman signed these agreement on behalf of NCC while International Shipping and Transport Limited was represented by Engr. Yousuf A. Al-Zamil, Executive Vice President of SABIC Chemicals.
On this occasion, Engr. Abdullah S. Al-Rubaian mentioned that these agreements reflects the company's excellence and the confidence shown by the producers of petrochemicals, in addition to the company's main role to transport petrochemical products from Saudi Arabia to international markets.
He added that these agreements achieve one of the most important goals of the company, which is to contribute for the development of the national economy and keep pace with the expansion of Saudi exports of petrochemicals.
SABIC, being one of the largest international companies in the production and export of petrochemicals is the backbone of this industry, adding that SABIC is the number one client of NCC to transport chemicals. NCC is proud of its contribution for supporting the prices of SABIC's liquid petrochemical to compete globally by providing a world-class standard and specialized modern carriers to transport those products, including a huge chemical tanker which is the largest of its kind in the world, built to the latest technology this industry has in terms of size, engineering, equipment and design to develop and strengthen the capacity to keep up with the aspirations of SABIC in its plans to meet the growing demand for liquid petrochemical products.
Engr. Rubaian further mentioned that the signing of such contracts is in line with the company's strategy, to do business on a long-term time charter agreements allowing the parties the do their long-term planning to achieve the best from the investment, operation and marketing.
It is worth mentioning that NCC was founded in the year 1990 as a limited liability company with a capital of SAR (610) million, 80% owned by The National Shipping Company of Saudi Arabia (BAHRI) and remaining 20% by Saudi Basic Industries Corporation (SABIC).
He also stated that the company recently achieved distinct success in petrochemical transportation sector because of the diversification of carriers in terms of size and specifications, as well as strategic plans implemented by the company since its inception to become a global competitor in this sector.
The company presently owns a large fleet of (21) chemical tankers, specialized in transporting petrochemicals and liquid petroleum products, refined vegetable oils with a capacity of approximately (940,000 DWT) which would increase to about (1.2 Million DWT) with additional (4) new building tankers that would number the total tankers to (25) by the end of next year, 2013 and place the company among the top five companies in the world.