Saudis to acquire more tankers

National Shipping Co. of Saudi Arabia is buying as many as 17 VLCCs and chemical tankers. The company plans a five-year acquisition program under which it will buy at least nine VLCCs and eight chemical tankers. All vessels being acquired, whether new or used, will be double-hulled.

“The acquisitions will double the number of VLCCs in our fleet by 2010,” a company spokesman said. National Shipping currently has nine double-hulled crude carriers, nine chemical tankers, and four multipurpose roll-on-roll-off ships in service. The government of Saudi Arabia holds a 28% stake in National Shipping.