(NSCSA) Financial Results for the 3-month ended 31st March 2010     13 Oct 2010


Mr. Humoud A. Al-Ajlan, Chief Executive Officer of The National Shipping Company of Saudi Arabia (NSCSA) announced today NSCSA 3-month financial results ending 31st March 2010

NSCSA achieved a net profit for 3 months up to March 31st, 2010 of SAR 130.4 million (EPS SAR 0.41) compared to a net profit of SAR 151.1 million (EPS SAR 0.48 ) for the corresponding quarter 2009, a decrease of 14%. The gross profit for the 1st quarter 2010 totaled SAR 137.5 million compared to a gross profit of SAR 118.5 million for the corresponding quarter 2009, an increase of 16%.

Mr. Al-Ajlan explained that the decline of net profit was mainly due to last year 1st quarter included capital gain of SAR 30 million. The operating profit showed a healthy increase of 16% due to taking deliveries of 4 VLCCs in March, May, July and September of 2009.

NSCSA Announces Lease of its VLCC     13 Oct 2010

The National Shipping Co. of Saudi Arabia announces that on Monday 17/5/2010, the company agreed to lease one of its VLCC to (RWE AG) in Germany for an amount of SAR (151) million for a period of three years. This lease will commence during the next four months. This agreement is in line with the company’s VLCCs deployment policy to maintain a balance between long term time charters and spot market trading.

The company presently own and operate (17) VLCCs.

NSCSA Announces Cancellation of Two New Building Chemical Carriers     13 Oct 2010

The National Shipping Company of Saudi Arabia announces that National Chemicals Carriers Ltd. Co. “NCC” (a subsidiary with 80% share) on Wednesday 19th May, 2010 had decided to cancel two new building contracts signed with “SLS” in 2006 due to the delay by the “SLS” to deliver the tankers on the dates agreed in the contract.

According to the contract signed between the parties, NCC has full rights to terminate the construction contract if the delay exceeds the allowed period as agreed in the contract and to claim all financial installments paid by “NCC” amounted 76 million US dollars, all guaranteed by “Hana Bank” of Korea in addition to the other cost related to the installments paid.

The National Shipping Company of Saudi Arabia (NSCSA), press release