State-owned Saudi Aramco shipping arm Vela International Marine Limited and National Shipping Company of Saudi Arabia (Bahri) have reached an agreement on the terms of their merger, Bahri said on 20 October in a statement on Tadawul, the Saudi Stock Market. The execution of the agreement is expected to take place next month.

Last June Aramco and Bahri signed a memorandum of understanding (MOU) to sell Vela at $1.3bn in cash and shares, in a deal which would make Bahri the world’s fourth largest owner of Very Large Crude Carriers (VLCCs). (CONTINUED - 260 WORDS)