The National Shipping Company of Saudi Arabia (Bahri) said that, subsequent to its announcement on July 21, 2014 relating to merging the Vela fleet and operations with Bahri, Leo Star, one of the VLCCs in Vela fleet, was transferred to Bahri's ownership on Thursday 18 September 2014 for a cash consideration of SAR 171,412,500 (US$ 45,710,000) paid to Vela and its name was changed to (Tinat).
According to the company, the transfer of ownership was financed entirely by a Murabaha bridge financing signed and announced on Tadawul website on 22 June 2014.
The remaining Vela vessels shall be transferred to Bahri on a staggered basis according to an agreed upon vessel delivery schedule with Vela and is expected to be completed before the end of 2014. The financial impact is expected during the third quarter of 2014.