Financial results for the 2nd quarter

Staggering profits for Bahri

by Port News Editorial Staff

In the second quarter of the year, the Saudi Arabian company Bahri recorded a 1569% increase in net profits to $202.8 million. Total revenues increased 145% to $940 million.

In short, the April-June period closed in the best possible way for the company specializing in the transport of crude oil and chemical products. The good performance was certainly driven by the freight rates. During this period, the large tankers (VLCCs) travelled at an average of $220,000 per day along the Middle East/Asia route.

Bahri, which owns a fleet of 41 VLCCs, and 34 vessels including chemical tankers, product tankers and multipurpose vessels, has been one of the largest ship charterers in the first half of the year, especially when Saudi Arabia began flooding the market with cheap oil at the beginning of March as a form of retaliation against Russia’s decision not to apply a more drastic policy of limiting its production capacity.

Between January and June, Bahri recorded a net profit up 425% compared to the same period of the previous year. Revenues increased by 78%.

Translation by Giles Foster

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