Ince & Co advises Bahri

Ince & Co has advised The National Shipping Company of Saudi Arabia (Bahri) in relation to the transfer of 20 tanker vessels from Vela International Marine Limited (Vela) as part of the largest merger in the history of the Kingdom of Saudi Arabia between Bahri and Aramco Vela.

The transaction, which has been on-going for approximately two years, concluded on 15th December when the ownership of the final ship was transferred.

Ince & Co assisted with preparing shipping documentation for each vessel delivery, in addition to arranging registration of a mortgage for each of the vessels. The deal involved 14 very large crude carriers (VLCCs), a floating storage VLCC, one Aframax tanker and four product tankers and resulted in Bahri becoming the third-largest owner of VLCCs in the world.

Rania Tadros, managing partner of the Ince & Co Dubai office, commented, “We were delighted to have been able to assist Bahri successfully with this transaction. This deal represents the growing stature of both Bahri and Saudi Arabia on the international shipping stage and we congratulate all the parties involved. We thank Bahri for giving us the opportunity to be part of their team.”