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Gulf Navigation Holding will add three very large crude carriers (VLCC) at a cost of SAR1.66bn ($442.6m) to the fleet of its subsidiary in Riyadh, Saudi Arabia. The VLCCs, which have a capacity of two million barrels each in addition to a fourth already operated by the company, will re
Gulf Navigation Holding will add three very large crude carriers (VLCC) at a cost of SAR1.66bn ($442.6m) to the fleet of its subsidiary in Riyadh, Saudi Arabia.
The VLCCs, which have a capacity of two million barrels each in addition to a fourth already operated by the company, will replace the existing fleet of Probo ships, which will be sold.
Two VLCCs have ten-year charter contracts worth $284.7m and will be delivered in 2012 and 2013.
The third ship, Gulf Eyadah, was delivered on 26 January 2011 and started a two-year contract worth $25.6m.
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