The National Chemical Carriers Company (NCC) Tuesday signed a time charter agreement for three chemical tankers with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation - Sabic), to transport petrochemicals liquids to the international ports for a period of five years, with an option of extension for five-year period.

Abdullah S. Al-Rubaian, Chairman, NCC, signed the agreement on behalf of NCC while International Shipping and Transport Limited was represented by Yousuf A. Al-Zamil, Executive Vice President of Sabic Chemicals.

Al-Rubaian said the agreement reflects the company’s excellence and the confidence shown by the producers of petrochemicals, in addition to the company’s main role to transport petrochemical products from Saudi Arabia to international markets.

He added that the agreement achieved one of the most important goals of the company, which is to contribute for the development of the national economy and keep pace with the expansion of Saudi exports of petrochemicals. Sabic, being one of the largest international companies in the production and export of petrochemicals is the backbone of this industry, adding that Sabic is the number one client of NCC to transport chemicals, he further said.

NCC is proud of its contribution for supporting the prices of Sabic ’s liquid petrochemical to compete globally by providing a world-class standard and specialized modern carriers to transport those products, including a huge chemical tanker - which is the largest of its kind in the world - built to the latest technology the industry has in terms of size, engineering, equipment and design to develop and strengthen the capacity to keep up with the aspirations of Sabic in its plans to meet the growing demand for liquid petrochemical products, Al-Rubaian added.

He added that the signing of such contract is in line with the company’s strategy to do business on a long-term time charter agreements, allowing the parties the do their long-term planning to achieve the best from the investment, operation and marketing.

NCC was founded in the year 1990 as a limited liability company with a capital of SR610 million, 80 percent of which is owned by The National Shipping Company of Saudi Arabia (BAHRI) and the remaining 20 percent by Sabic.

The company presently owns a large fleet of 21 chemical tankers, specialized in transporting petrochemicals and liquid petroleum products, refined vegetable oils with a capacity of approximately 940,000 DWT