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...
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