VLCC giant Bahri starts stronger as rates rise

Saudi Arabian tanker giant Bahri has increased earnings in the first quarter as rates strengthened.

The VLCC owner said net profit to 31 March was SAR 179.33m ($47.82m), from SAR 123.14m a year ago.

Revenue jumped to SAR 1.7bn from SAR 1.45bn.

The bottom line was boosted by an improvement in some of its business units and an increase in rates in general, despite a rise in financing costs, it said.

The result was also better than in the fourth quarter due to a decrease in investment losses from associated companies.

In the final three months of 2018, it logged a loss from its investment in LPG carrier company Petredec of SAR 36m.

It also took a hit from its new shipyard International Maritime Industries.

This recorded a start-up loss of SAR 51m.