NO. 25


Saudi Arabia

Saudi Arabia Considers Purchase of Six ULCC Tankers

Saudi Arabia's oil tanker company Vela is reportedly considering placingorders for up to six new-built ULCC tankers, and has begun talks withinternational shipbuilding yards in this connection. Orders of this magnitudecould involve a cost of around $850mn.

Vela is also reported to be close to finalizing a $680mn deal for theconstruction of six 280,000 dwt crude carriers with high-grade specifications...