Saudi Arabian state shipping company Bahri posted a 48% year-on-year increase in its second-quarter profit on an improved VLCC market.
The Riyadh-listed group said its net profit increased to SAR 733m ($195m), against SAR 495.38 a year earlier.
Profit for the first half of the year also saw a boost to SAR 1.19bn, up by 20% compared to a year earlier.
The company attributed its positive results to the rise in global shipping rates for multiple sectors within the group, especially its chemicals transportation and dry bulk.
Ahmed Ali Al Subaey, CEO of Bahri, said: “Bahri had a good first half of this year and delivered commendable operational performance across our divisions.
“Our success was driven by optimised fleet management and route efficiency, supported by improved market conditions for VLCCs and chemical tankers.”
Latest VLCC rates are up 35% on the week and 16% on the month at $33,800 per day, according to Clarksons, having reached a six-week peak last week.
Bahri saw quarterly revenue climb 15% year on year to SAR 2.71bn, with a more moderate climb to SAR 5.03bn recorded during the first six months of 2024.
The shipowner also saw its oil transportation earnings rise by SAR 86m during the current quarter, compared with the same quarter of the last year.
Its chemicals transportation sector gross profit increased by SAR 167m in the second quarter.
Bahri also noted a decrease in its finance costs of SAR 19m, due to loan repayments made during the current quarter compared with the previous quarter.
Bahri owns 92 ships, including a large VLCC fleet, bulkers, chemical tankers and ro-ros.
The company is a joint venture between the country’s sovereign wealth fund and oil major Aramco.
