Saudi's Bahri confirms Q1 profit more than doubles
Bahri is the National Shipping Company of Saudi Arabia and the exclusive oil-shipper for Saudi Aramco
Saudi Arabia's National Shipping Company, Bahri, the exclusive oil-shipper for Saudi Aramco, confirmed on Wednesday its first-quarter net profit more than doubled, Reuters reports.
The company's net profit for the three months to March 31 was $106.2mn, up from $52.1mn in the same period a year earlier.
Bahri said the doubling of profit was thanks to an increase in its fleet of very large crude carriers due to its merger with Vela Marine International, and its full utilisation.
The merger between the Saudi national shipping company and the Aramco-owned Vela Marine was valued at $1.3bn creating the world's fourth largest oil shipping fleets.
At the time of signing the deal, Bahri chief executive Saleh Al-Jasser said the deal would increase Bahri’s oil fleet of giant oil tankers to 31, after adding the 14 tankers from Vela’s fleet to the 17 already owned by Bahri.
This would raise Bahri's share of the global shipping market—which he said consists of some 640 giant tankers—to 5%, he added.