Towards the end of October, the Saudi shipping company, Bahri, took delivery of its latest VLCC, Shaden. The newbuilding, one of five vessels in a series financed by Riyad Bank, is expected to start commercial operations in December this year.
The company has also recently announced financial results for the first 9 months of 2017. In this period, Bahri’s total revenue fell by 11 per cent compared with the equivalent period of 2016, to SAR 4612 million, while net profits slumped by 58 per cent to SAR 593 million. The decrease in profitability is attributed by Bahri primarily to lower spot market rates, in the crude oil sector especially, and to higher bunker costs.