First Saudi-Owned Shipping Company Gets First Vessel

The first shipping line totallyowned by Saudi Arabia became a reality recently following formal acceptance of the first cargo vessel by the newly established Saudi National Shipping Company. The 23,000-gt Saudi Riyadh, a RO/ RO-containership, is the first of seven similar vessels S.N.S.C. expects to be operating in the near future.

Claiming his country sought "independence from foreign shipping companies," S.N.S.C. managing director Dr. Abdulaziz M.

Al-Turki said the firm has also purchased the Ryadh's sister ship, renamed Saudi Mecca, which will be claimed in Bremen within a month. Still another similar vessel will be chartered shortly. Bids for construction of four larger R O / R O - c o n t a i n e r s h i p s will be opened in the near future.

The company hopes to capture a major share of the United States-Saudi shipping trade, including all of the constructionbooming country's contract cargo.

The U.S. is the Saudis' largest supplier of sea cargo, Dr. Al- Turki noted. All told, last year the Saudis imported 42 million tons of surface cargo worldwide.

S.N.S.C. is 25-percent owned by the Saudi Government. Other principals include a large cross section of leading Saudi business interests (30 percent), with the remainder owned by 13,600 Saudi shareholders.

Maritime Reporter Magazine, page 18,  May 15, 1981 Maryland

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.