Bahri Rakes In on Larger Fleet, Better TCE Rates

Bahri Rakes In on Larger Fleet, Better TCE Rates

The National Shipping Company of Saudi Arabia (Bahri) reported SAR 399 million (USD 106.4m) net profit for the three months ended March 31, a 104.5% increase compared to the SAR 195 million net profit for the same period in 2014.

Compared to SAR 124.3m net profit in the last quarter of 2014, Bahri improved its Q1 2015 net earnings by 223.3%.

The Saudi carrier chalked up the year-on-year improvement in its net income to the introduction of 14 new vessels to its fleet of Very Large Crude Carriers, which now stands at 31 vessels,  5 new product tankers and one floating storage as a result of completing the merger of Vela Marine’s assets and operations, all fully employed during the current quarter.

Better earnings y-o-y were also recorded on the back of the increase in average Time Charter Equivalent (TCE) rates in crude oil transportation spot market during the current quarter compared to the corresponding quarter of 2014.

The estimated earnings per share for the quarter amounted to SAR 1.01, compared to SAR 0.62 for corresponding quarter of previous year and SAR 0.36 for the previous quarter, with the number of outstanding shares increasing from 315 million shares to 393.75 million shares on September 15, 2014.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 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

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >