Freight Rates Push Down Bahri’s Net Profit

The National Shipping Company of Saudi Arabia (Bahri) recorded a SAR 84.8 million (USD 22.4 million) net profit in the third quarter of 2014, 49.9 pct lower than in the same period last year, Bahri’s interim financial results ending on 30th of September show.

Bahri’s net profit stands currently at SAR 410.4 million (approximately USD 110 million), 13 pct lower when compared with last year’s figures that amounted to SAR 472 million.

The results show that the company’s gross profit reached SAR 461 million, 5.2 pct higher than in the previous year.

The net income decrease was attributed by the company to the decline in freight rates and the volume of cargo transported in both general cargo transportation segment and chemical transportation sector.

Bahri has received three vessels in October within the framework of the merger of Vela fleet and operations with Bahri. These include VLCC Saiph Star to be renamed to Karan, followed by Homam Star renamed Farha and the most recent one from October 23, product tanker Alnasl Star renamed  to Bahri Jasmine.

World Maritime News Staff

Share this article

Follow World Maritime News

One thought on “Freight Rates Push Down Bahri’s Net Profit”

Comments are closed.

In Depth>


<< Apr 2019 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >