Bahri claimed that the increase in net profit was mainly attributable to an increase in operating revenues as a result of taking delivery of several VLCCs, as well as a rise in average TCE rate in crude oil transportation spot market during the quarter, compared to the corresponding period of 2015.
Furthermore, during the first half of the year the company’s net profit increased by over 50% to SAR1.1 bill, against a net profit of SAR740.8 mill seen in 1H15.
Bahri’s fleet now consists of 83 vessels, including 36 VLCCs, 31 chemical tankers, and 10 newbuildings scheduled for delivery in 2017/18.
Recently, the company signed an agreement with the Arab Petroleum Investments Corp (APICORP) to launch a $1.5 bill APICORP Bahri Oil Shipping Fund (ABOSF) aimed at acquiring 15 VLCCs.