VOL. XXXIX

No. 31

29-April-1996

SAUDI ARABIA

NSC Cuts Its Losses In 1995

The National Shipping Company (NSC) of Saudi Arabia has announced a net loss of SR11.5mn ($3.1mn) in 1995, about half last year's net loss of SR21.9mn ($5.8mn). The company's assets in 1995 increased to SR3.18bn ($848mn) from SR3.07bn ($819mn) the previous year. In early 1994 NSC placed an order for five 300,000 dwt VLCC new buildings with Japan's Mitsubishi Heavy Industries at a cost of $400mn and the first of...