Bahri, the national shipping company of the Kingdom of Saudi Arabia has signed a non-binding renewable six-month agreement with the Suez Canal Authority (SCA) laying the possible foundations for a joint Egyptian shareholding company that will provide maritime transportation services to the local market.
Under the terms of the new memorandum of understanding (MoU), the two parties will discuss the potential for owning, leasing, hiring and operating ships to transport a wide range of goods, including dry bulk, chemicals, oil, petroleum products and liquefied gas, to meet the demands of Egyptian customers.
H.E. Admiral Osama Rabie, SCA Chairman, said the agreement with Bahri is in line with its mission to maintain and enhance the Suez Canal for the benefit of operators and regional markets. “We look forward to working in tandem with industry leaders to deliver effective, sustainable solutions that benefit the Suez Canal and the people it serves,” he added.
Bahri plans to cooperate with SCA to create a framework to explore potential ship owning and operating initiatives. H.E. Eng. Ahmed Ali Alsubaey, CEO of Bahri, pointed out, “Our agreement with the Suez Canal Authority underlines our commitment to collaboration in order to deliver industry-leading maritime transport solutions.”