‎Bahri signs non-binding MoU with Egypt’s SCA to set up maritime transport firm

‎Bahri signs non-binding MoU with Egypt’s SCA to set up maritime transport firm

National Shipping Company of Saudi Arabia (Bahri) signed today, March 1, a non-binding memorandum of understanding (MoU) with the Suez Canal Authority (SCA) to establish an Egyptian joint-stock company for maritime transport.

The company will specialize in owning, leasing, chartering, and operating vessels to transport general and bulk cargo, chemicals, oil, and all operations related to maritime transport.

The renewable MoU is valid for six months, Bahri said in a statement to Tadawul, noting that there are no related parties to the deal.

The relevant financial impact cannot be currently estimated, the Saudi shipping giant added.

The SCA is an independent Egyptian public authority that manages and operates one of the world’s most heavily used shipping lanes.