The National Shipping Company of Saudi Arabia (NSCSA) has reported US$69 million in net profits for the first half of 2009, compared to $99.2 million during the same period in 2008.
The National Shipping Company of Saudi Arabia (NSCSA) has reported US$69 million in net profits for the first half of 2009, compared to $99.2 million during the same period in 2008. ?The reasons of the decrease in profit in the first six months of 2009 were mainly due to the decline in the average crude transportation freight rates (TCE) and decrease in the General Cargo freight rates and volumes,? the company CEO Mumoud Al Ajlan stated in a press release.
The company expanded its shipping fleet earlier this month with the delivery of a new vessel from Hyundai Samho Heavy Industries (HSHI) in South Korea.
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