Saudi Arabian national shipping company Bahri has signed a Memorandum of Understanding (MoU) with the Suez Canal Authority (SCA) to set up an Egyptian joint stock company which will engage in vessel owning, leasing and chartering and all operations related to maritime transport.

According to a statement from Bahri, the joint venture will focus on the general and bulk cargo chemicals and oil vessel segments.

Bahri gave no indication of time scale in relation to the new venture's activities but noted that the current MoU has a 6-month duration and can be renewed.

Article source: Lesley Bankes-Hughes