Bahri Reports 1H Growth
The National Shipping Company of Saudi Arabia (Bahri) has posted revenues of SAR3.14 billion ($840million) for the first half of 2019, despite regional difficulties.The Riyadh-based transportation and logistics company reported revenue growth of six percent for the first half and income growth of three percent, to SAR 581.47 million.Net income reached SAR 224.9 million during the first six months of 2019 in comparison to SAR 308.54 million of the same period last year. Earnings…
Bahri Expands Footprint in Asia-Pac
The National Shipping Company of Saudi Arabia (Bahri) has announced the expansion of its market presence in the Asia-Pacific (APAC) region’s maritime industry.The stronger presence will help the company gain deeper insights into market trends as well as customer needs in chemicals and logistics sectors in Singapore and the wider APAC region, said a press release from the logistics and transportation company.The expansion will also enable Bahri Logistics and Bahri Chemicals, two of five business units of the company…
Companies Sue Valero for Bad Marine Fuel
Two companies filled lawsuits this week in federal courts in Texas alleging that ships they operated in 2018 were damaged by contaminated bunker fuel sold by a Valero Energy Co subsidiary Valero Marketing and Supply Co, according to court documents.A Valero spokeswoman did not reply to a request for comment.The National Shipping Co of Saudi Arabia said it paid out more than $1.1 million for repairs and replacement fuel for a ship that drifted at sea for two days before restarting and arriving at Alexandria…
Bahri Refutes U.S. Charges on VLCC
The National Shipping Company of Saudi Arabia (Bahri) on Sunday clarified that its very large crude carrier (VLCC) tanker Abqaiq was not breaching the US sanctions on Venezuela.Earlier, the US Senator Marco Rubio accused Bahri of trying to sell diluents to the Venezuelan regime."Abqaiq is in ballast condition with no cargo onboard and on her way from the Red Sea to pick up a cargo from the Port of Jose Terminal in Venezuela for one of its regular customers in India," said a statement…
Bahri Adds New VLCC Khurais
National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Khurais, a very large crude carrier (VLCC), from Korean Hyundai Samho Heavy Industries (HSHI). Industry leader adds fourth VLCC this year, bringing its total number of vessels to 92,further enhancing its market-leading capabilities in crude oil transportation. The new addition is the fourth of five VLCCs to be received this year from South Korea-based Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company.
Bahri Tanker NCC Amal Carries Chemical Cargo to China
National Shipping Company of Saudi Arabia (Bahri) announced the transportation of the first chemical shipment from Aramco Trading Company (ATC), a wholly-owned subsidiary of Saudi Aramco that trades refined, liquid chemical and polymer products, via ‘NCC Amal,’ a 45,000 DWT Bahri chemical tanker which left Port of Rabigh heading to China. The shipment, which contains 25,000 metric tonnes of paraxylene (PX) and 20,000 metric tonnes of monoethylene glycol (MEG), marks the completion of Phase II of the Petro Rabigh Company (PRC) project…
Bahri Adds VLCC 'Lawhah' to its Fleet
The National Shipping Company of Saudi Arabia (Bahri) received a very large crude carrier (VLCC) named “Lawhah” on Thursday, the company said. "Continuing its strong start to 2018, Bahri accepted the delivery of ‘Lawhah to further cement its market-dominant position in crude oil transportation," said a press release. The vessel, which lifts the total number of the company’s multipurpose fleet to 90, is the second of five VLCCs to be received this year from Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company based in South Korea.
Bahri’s New Ro-Ro Ship Calls New Orleans
The Port of New Orleans welcomed the return of roll-on, roll-off service with the inaugural call of the Bahri Yanbu, a new state-of-the-art multipurpose vessel, in mid-August at the Nashville Avenue Terminal Complex operated by Ports America. “The return of roll-on/roll-off service to the Port of New Orleans – for the first time since 2005 – helps us meet the diverse needs of the marketplace and increases our global competitiveness,” said Brandy D. Christian, Port of New Orleans President and CEO.
Bahri to Build 4 Bulk Carriers for USD 120mln at Hyundai Heavy
The National Shipping Company of Saudi Arabia (Bahri) announces that its subsidiary Bahri Dry Bulk Company (owned 60% by Bahri) (BDB) has signed contracts with Hyundai Heavy Industries (HHI) to build 4 bulk carriers. These carriers will be delivered during the first half of 2020. The financial impact of these contracts will appear after the delivery of the vessels. These vessels are designed to the latest international technical specifications and are fitted with environmentally-friendly specifications and high efficiency in fuel consumption…
Bahri Completes Registration Of ASLAF Under Saudi National Flag
National Shipping Company of Saudi Arabia Bahri announced that the Ministry of Transport under the supervision of the Public Transport Authority (PTA) has completed the registration of ASLAF, a Very Large Crude Carrier (VLCC) owned and operated by Bahri, under the flag of Saudi Arabia. The move reinforces Saudi Arabia’s position in the global maritime industry and gives a further boost to Bahri’s efforts to register all of its VLCCs – now numbering 39 – under the national flag by the end of 2017.
Hyundai Heavy Industries Debuts ‘Smart Ship’ Solution
South Korean shipbuilder Hyundai Heavy Industries (HHI) said it has developed proprietary ICT technology capable of realizing economical and reliable navigation and management of ships: Integrated Smart Ship Solution (ISSS). HHI said the solution provides a wide range of ship information to operators, including optimal navigation routes and navigation speed along with a slope status of the front and back hull of a ship that minimize resistances a ship takes on voyage. ISSS is…
Bahri, Hyundai Heavy Pact for Big Data Initiatives
The National Shipping Company of Saudi Arabia (Bahri) has signed a Memorandum of Understanding (MoU) with Hyundai Heavy Industries (HHI) Group to harness Big Data and technological innovation in the maritime industry. HHI Group is the world’s largest shipbuilding group with extensive experience in ship construction and shipyard management. The two parties signed a Memorandum of Understanding (MoU) that lays out a comprehensive business cooperation framework to jointly evaluate the feasibility of launching new long-term projects…
32 VLCCs to Fly Saudi Arabia’s Flag
The National Shipping Company of Saudi Arabia (Bahri) said that the Public Transport Authority (PTA) has completed the registration of Amjad, a Very Large Crude Carrier (VLCC) owned and operated by Bahri, under the flag of Saudi Arabia. The announcement comes as part of Bahri’s plans to register all of its 37 VLCCs by the end of 2017, and falls in line with the remarkable shift and growth the transportation sector in the Kingdom has witnessed in the recent past. This also marks another achievement for PTA as an initiative completed as part of its national transformation program.
Bahri Profits Fall
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil shipper for Saudi Aramco, made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31. That compares with 566.4 million riyals in the fourth quarter of 2015. For the year ending December 31, 2016, Bahri has reported a net profit of SR1.76 billion ($469.3 million). The company registered net revenue of SR6.78 billion ($1.8 billion), and earnings per share (EPS) of SR4.48 for the year, it said in a statement. -Lower spot market rates in general and specifically in Oil transportation.
HDASCO Returns to Le Havre
Starting February 2017, HDASCO Line provides a new commercial offer between HAROPA – Port of Le Havre and many Iranian and Iraqi ports. HDASCO Line (Hafez Darya Arya Shipping Company), also named HDS lines, is the Iranian national shipping company specialized in container transport and a subsidiary of IRISL Group (Islamic Republic of Iran Shipping Lines). This new service offers very competitive transit times: 19 days between Le Havre and Bandar Abbas for example. It will call at the following ports: Bandar Abbas…
Standard Chartered Closes $1.6 bln+ in Shipping Finance
Standard Chartered said on Tuesday it had completed three shipping deals worth more than $1.6 billion in recent months. The deals include in December a $684.5 million up to 12-year facility for BW Gas JuJu LNG, a joint venture between BW Group and Japan's Marubeni. In November, the bank also structured a $350 mln Islamic facility for National Shipping Company of Saudi Arabia (Bahri). The month before it closed a $572 mln loan to subsidiaries of India's Reliance Group, the bank said in a statement. Reporting by Tom Arnold
Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered, which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi, it said. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. The tankers were previously ordered from South Korea's Hyundai Samho Heavy Industries Co. (Reporting by Reem Shamseddine; Writing by Tom Arnold)
CMA CGM, CNAN NORD to Develop Shipping Transportation in Algeria
CMA CGM and CNAN NORD Spa, Algerian National Shipping Company, are pleased to announce that they signed a cooperation agreement on November 8th. The agreement focuses on 3 strategic axes: Operational cooperation for a common shipping line linking Northern Europe to the Algerian ports, Operational and logistic cooperation between CMA CGM and CNAN NORD Spa (space allocation onboard oceanic CMA CGM vessels, provision of containers etc), and sharing of expertise between CMA CGM and CNAN NORD Spa regarding the training of seafarers and executives.
Saudi Shipper Bahri Q3 Net Profit Falls
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510.3 million riyals in the same period a year earlier, it said in a bourse statement. Alistithmar Capital and Albilad Capital forecast the company would make a quarterly net profit of 391.6 million riyals and 525 million riyals respectively. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit decrease to a year-on-year decline in spot market shipping rates and lower profits from its Petredec affiliate. It did not elaborate.
New Saudi Arabia Shipyard to be ‘World’s Largest’
Developers of a new shipyard in Saudi Arabia say the facility will be the largest maritime yard in the world providing a range of services, including large shipbuilding, large ship repair, offshore rigs fabrication and offshore support vessel repair. The new facility, a joint venture between state oil giant Saudi Aramco, the National Shipping Company of Saudi Arabia, Lamprell and Hyundai Heavy Industries, will be located in the eastern Saudi port of Ras Al-Khair, north of Jubail on the Persian Gulf. It is planned to be fully operational by 2021.
Saudi Aramco Extends Bidding for Marine Terminal Work
State oil giant Saudi Aramco has extended bidding for dredging and reclamation work at its marine terminal in Ras al-Khair by almost one month, industry sources told Reuters on Wednesday. The extension, pushing out the submission date to Sept. 29 from Aug. 31, was given after potential bidders asked for more time to prepare offers, the sources said. However, some bidders are expected to ask Aramco for several more weeks after the company requested this week additional content be included in submissions, one of the sources added on condition of anonymity. The project is the first phase of a huge ship repair and shipbuilding complex in the east of the country seen as key in the kingdom's economic transformation plan.
Bahri Secures $133m Funding for Five Ships
National Shipping Company of Saudi Arabia (Bahri) said on Sunday that a subsidiary had secured $133.2 million in Islamic financing to purchase five chemical tankers. The funding will be provided to National Chemical Carriers by Arab Petroleum Investments Corporation and BNP Paribas in the form of a murabaha facility for a 10-year period, it said in a bourse statement. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. (Reporting by Mariam Abu Bakr; writing by Tom Arnold; editing by Jason Neely)
Bahri Q2 Net Profit Soars
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday. The company's net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 million riyals in the same period a year earlier, it said in a bourse statement. Alistithmar Capital forecast Bahri would make a net profit of 308.4 million riyals during the quarter. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit increase to a rise in operating revenues as a result of its enlarged very large crude carrier (VLCC) fleet, higher shipping rates in the spot market, and stronger performance in its general cargo division.