National Shipping Company of Saudi Arabia reports H1 net profit of USD 69 millions
The National Shipping Company of Saudi Arabia has reported USD 69 million in net profits for the H1 of 2009 compared to USD 99.2 million during the same period in 2008. Mr Mumoud Al Ajlan CEO of NSCSA stated that “The reasons of the decrease in profit in the first 6 months of 2009 were mainly due to the decline in the average crude transportation freight rates and decrease in the General Cargo freight rates and volumes.” The company expanded its shipping fleet earlier this month with the delivery of a new vessel from Hyundai Samho Heavy Industries in South Korea.