VOL. XL

No. 16

21-April-1997

SAUDI ARABIA

NSC's Loss Rises To $21Mn In 1996

Saudi Arabia's National Shipping Company (NSC) on 9 April reported that it hadmade a loss of SR77.6mn ($20.7mn) in 1996, a sharp downturn from 1995's loss of SR11.5mn($3.1mn). NSC said in a statement that the loss included SR28mn ($7.5mn) incurred from the leasingof its supertankers to Vela International Marine, Saudi Aramco's shipping arm, at depressed ratesbecause of market conditions and SR24mn ($6.4mn) from the damage...