Apicorp (Arab Petroleum Investment Corp.) and the National Shipping Co. of Saudi Arabia is to create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports. Apicorp is a multilateral energy-finance lender and the Saudi shipping company, known as Bahri, formed a $1.5 billion investment fund to add 15 very large crude carriers, or VLCCs, to the company’s planned fleet of 46 such vessels. Bahri, which merged its fleet with that of Saudi Aramco, owns 36 very large crude carriers and plans to add 10 more in the next two years. Apicorp will be the main investor and manager of the $1.5 billion Apicorp Bahri Oil Shipping Fund, with an 85% stake, while Bahri will own the remainder and serve as the 10-year fund’s commercial and technical manager.
China Cosco Shipping Corporation completed the acquisition of a 51% stake in the Port of Piraeus Port, the largest port in Greece, in early August. Cosco has operated two container terminals in Piraeus since 2009 under a 35-year concession agreement.
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