It was reported this week that according to the IMF, the energy rich Middle East states are set to reap up to $1.3 trillion in additional oil revenue over the next four years which will bolster the firepower of the region’s sovereign wealth funds at a time when global asset prices have sold off.
Saudi Arabia’s Public Investment Fund has $620 billion under management and visited Greece in early August when it was announced that memorandums of understanding were signed between Saudi Arabian shipping companies and 2 companies in the George Procopiou Group. The one-year agreements between Bahri and Dynacom (tankers) and Bahri Dry Bulk and Sea Traders (dry cargo) would “assist the companies’ existing capabilities, establish avenues to seamlessly transfer technology and services, and help develop prosperity within the landscape of both national economies.”
Sale of the week was the purchase of 4 modern Suezmax tankers MT ATINA and MT ISTANBUL (159,500 DWT/Built China 2015) plus MT AYSE C and MT ZEYNEP (158,060 DWT/Built Korea 2020) by SFL Corporation for $222.5 million en bloc.
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