The National Shipping Company of Saudi Arabia (Bahri) achieved strong results in first-half of 2016, posting a net profit for the first half of SAR 1,116.17 million (US$ 297.6 million), up 50.65% compared to the corresponding period last year. According to Ibrahim Al Omar, chief executive officer of Bahri, “Our year-on-year second-quarter performance surge is very much in line with our expectations. This was fuelled by an increase in overall operating revenues as a result of the growth in our VLCC and chemical tankers fleet size in addition to an increase in the average charter rates in the crude oil transportation sector.”
In spite of the decline in crude oil transportation rates in the spot market during the second quarter of 2016, the company posted excellent results. Largely due to the expansion of its fleet, including the addition of several VLCCs. Its general cargo division has also seen a significant improvement in its commercial performance, while bottom line results have been given a lift by the reduction in average bunker prices.
The Bahri fleet now consists of 83 vessels, of which 36 are VLCCs, 26 chemical tankers, 10 refined petroleum tankers, six general cargo and five 5 dry bulk ships.