The National Shipping Company of Saudi Arabia, Bahri, saw net profits skyrocket 54 percent year-over-year in the first quarter of 2015 to 612 million Saudi riyal.
Bahri, the National Shipping Company of Saudi Arabia, had net profits of 612 million Saudi riyal (U.S. $163 million) in the first quarter of 2016, a 54 percent increase over the same period in 2015.
The company said the increase was mainly due to:
• An increase in operating revenues as a result of buying and receiving several very large crude carriers (VLCCs), which according to it’s website, it manages 36 VLCCs;
• An increase in the average time charter equivalent rate in crude oil transportation spot market during the first quarter compared to the corresponding quarter of 2015;
• An increase in the operating revenues and net income of the general cargo transportation sector (which operates six multipurpose ships that carry containers, project and roll-on/roll-off cargo between the U.S. East and Gulf Coasts and Middle East and Indian subcontinent) due to the improvement of the operating and commercial performance;
• And a decrease in average ship running expenses, including a drop in average bunker price.
Bahri also has chemical tankers and drybulk ships in its fleet, and owns 30.3 percent of Petredec, which it says is the largest independent liquid petroleum gas trading and shipping company in the world with over 50 vessels of varying sizes.
Bahri posts 54% surge in net profits
