VLCC Sirius Star is transferred to Bahri's ownership

Subsequent to The National Shipping Company of Saudi Arabia (Bahri) announcement on 21 July 2014 relating to merging the Vela fleet and operations with Bahri, Bahri announces that (Sirius Star), one of the VLCCs in Vela fleet, was transferred to Bahri's ownership on Monday 15 September 2014 for a cash consideration of SAR 323,700,000 (equivalent to US$ 86,320,000) paid to Vela and her name was changed to (Manifah). The transfer of ownership was financed entirely by a Murabaha bridge financing signed and announced on Tadawul website on 22 June 2014. The remaining Vela vessels shall be transferred to Bahri on a staggered basis according to an agreed upon vessel delivery schedule with Vela and is expected to be completed before the end of 2014. The financial impact is expected during the third quarter of 2014, the company said in its press release.