VOL. XXXVI

NO. 34

24-MAY-1993

SAUDI ARABIA

Vela Awards Management Contracts For Newbuildings

Vela International Marine, Saudi Aramco's tanker arm, has awarded two shipmanagement contracts for its 12 VLCC/ULCC newbuildings to the two UK-basedfirms, Acomarit and Northern Marine Management. Under three-year contracts worth$600,000-700,000/year each in fees, the Swiss-owned Acomarit will take on sixSouth Korean newbuildings, while Northern Marine, a subsidiary of Sweden's StenaGroup, will manage six...