Growth in its VLCC fleet has pushed the National Shipping CompanyofSaudi Arabia (Bahri) to a stronger first quarter profit.
Bahri banked a gain of SAR 611.99m ($163.2m) in the first three months of 2016, up by 53.6% year-on-year.
In a statement to the Saudi stock exchange today the shipowner said the upturn was due to “buying and receiving several VLCCs.”
Bahri has added five modern VLCCs since the October last year.
Today the company has a fleet of 36 VLCCs, compared to 31 in the first quarter of 2015.
