Profit jump for Saudi shipping giants Bahri
The National Shipping Company of Saudi Arabia, Bahri, has recorded a big jump third quarter earnings.
Bahri logged $38.95m net earnings in Q3 this year, with a surge of 142.69% compared with $16.5m during the same period last year.
In a statement the company said the main reasons behind the Q3 profit growth is due to an increase in profit from its 30.3% holding in Petredec, combined with better results from its Saudi units and a $4.7m gain from selling an old roro.
The company also said it had recorded a decrease in nine-month net income to date this year, mainly due to the lower average time charter equivalent (TCE) rates achieved in the spot market for crude oil VLCC transportation.