$1.3bn Vela/Bahri Merger Eyes Creation Of Shipping Giant

State-owned Saudi Aramco shipping arm Vela and the National Shipping Company of Saudi Arabia (Bahri) announced on 27 June a memorandum of understanding to merge. If realized, the $1.3bn deal would create the world’s fourth biggest owner of Very Large Crude Carriers (VLCCs) with 32, in addition to 20 chemical tankers, five product tankers, four roll-on roll-offs and 16 vessels under construction.