Vela and Hyundai sign $328 million carrier deal
Vela International Marine, the Saudi Aramco marine transportation subsidiary, has signed a $328 million contract with South Korea’s Hyundai Heavy Industries (HHI) for four very large crude carriers (VLCCs), plus two options, reported Gulf News. The contract, signed was finalized Bahrain on August 12. Deliveries are scheduled to begin in 2002 and run into early 2003.
Vela already owns 21 VLCCs and Ultra Large Crude Carriers (ULCCs) and two product carriers, the oldest of which are several VLCCs to be replaced by these newly ordered ships.
Each new VLCC will be of 300,000 dead weight tonnage with dimensions of 33 meters in length, 60 meters wide and a depth of 30.5 meters.
In 1999, Vela transported nearly one-fourth of Saudi Aramco's crude oil. – (Albawaba-MEBG)
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