Bahri to Sell Part of Its Stake in Petredec

first_imgThe National Shipping Company of Saudi Arabia (Bahri) is looking to sell a part of its 30.3% stake in Bermuda-based liquefied petroleum gas transporting and trading firm Petredec Limited.As part of the deal, Haydock Holdings Limited, the other partner in Petredec, will also sell part of its 69.7% stake in the firm, bringing the total ownership of the new investor to 13%.Bahri informed that its financial impact from the transaction will be determined in the event of completion of sale.The company expects the sale to take place during the first quarter of 2018, and it will use the proceeds of the sale for general corporate purposes.Conclusion of the transaction is subject to several factors, including but not limited to legal review and final agreement on all terms of the transaction by all parties concerned, Bahri added.Image Courtesy: Petredec Limitedlast_img read more

Mitsubishi Shipbuilding Names Mitsuis New LNG Carrier

first_imgzoomImage Courtesy: Mitsubishi Heavy Industries Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries, has held a christening ceremony for the next-generation LNG carrier currently under construction for Japan-based Mitsui & Co.The new ship, which was named Marvel Crane on February 21, is designed with improvements both to LNG carrying capacity and fuel performance due to the adoption of a more efficient hull structure and hybrid propulsion system.Completion is scheduled for March 2019, after which the 79,000 dwt vessel will be put into service, transporting LNG for the Cameron LNG Project in the U.S., in which Mitsui & Co. is participating.Featuring a length of 293 meters and a width of 48.9 meters, Marvel Crane is the first of two LNG carriers of the same design being constructed for Mitsui & Co. The ship has a total tank holding capacity of 177,000 m3.Mitsubishi Shipbuilding received the order for the new vessel through MI LNG Company, a joint venture for the design and sale of LNG carriers established by MHI and Imabari Shipbuilding.last_img read more