Saudi Shipping Giant Bahri Posts Tenfold Profit Surge in Third Quarter

Deep News10-28

Saudi shipping giant Bahri saw its third-quarter profit rise tenfold, as the Iran conflict drove up tanker freight rates and boosted its performance.

The company said in an exchange announcement on Wednesday that net profit rose from 513 million riyals in the same period a year earlier to 5.1 billion riyals ($1.4 billion).

Driven by higher freight rates and increased chartering activity, revenue from its tanker business roughly increased tenfold.

At the end of February, the United States and Israel launched strikes on Iran, triggering a regional conflict and a shipping blockade at the Strait of Hormuz, the chokepoint of the Persian Gulf.

In recent months, although tankers passing through this key waterway have been attacked multiple times, the volume of crude oil exports from the Gulf has still been rising.

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