Oilshipper News

30 Nov 2016

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)

17 Oct 2016

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.

26 Jul 2016

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.

18 Apr 2016

Saudi Shipper Bahri Q1 Profit Soars

file image: A VLCC transits the Suez Canal (Suez Canal Authority)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 53.6 percent jump in first-quarter net profit on Monday. The company's net profit for the three months to Mar. 31 was 611.99 million riyals ($163.3 million), up from 398.41 million riyals in the same period a year earlier, it said in a bourse statement. Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, said its year-on-year performance was boosted…

03 Apr 2016

Bahri Secures Loan for Five VLCCs

VLCC of National Shipping Company of Saudi Arabia Photo Bahri

National Shipping Company of Saudi Arabia said on Sunday it had signed a murabaha facility with Riyad Bank valued at 1.425 billion riyals ($380 million) to finance the construction cost of five very large crude carriers. The facility lasts for a period of 10 years and six months, and includes a maximum two-year grace period, the firm known as Bahri said in the bourse statement. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. The exclusive…

13 Oct 2015

Saudi Shipper Bahri Q3 Net Profit Rises

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday. The company made a net profit of 510.3 million riyals ($136.10 million) in the three months to Sept. 30, up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement. Bahri attributed its profit increase to higher revenues following its merger with Vela Marine International, higher profits at affiliate Petredec Ltd and lower bunker costs. Bahri did not state its quarterly revenue. Albilad Capital forecast Bahri would make a third-quarter profit of 300 million riyals.

08 Oct 2015

Saudi Shipping Firm Bahri Posts Big Jump in Q3 Profit

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday. The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement. Albilad Capital forecast the firm would make a quarterly profit of 300 million riyals. It attributed the profit rise to an increase in the company's very large crude carriers (VLCC) fleet after a merger with Vela Marine International Ltd. Among other reasons, it also cited a decrease in average bunkering fuel cost.

13 Jul 2015

Saudi Shipper Bahri Says Q2 Profit Doubles

Bahri's VLCC Harad (Photo courtesy of Bahri)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Monday its second-quarter net profit more than doubled due to increased fleet size and rates for transporting spot crude. The company's net profit for the three months to June 30 was 342.5 million riyals ($91.3 million), compared to 130.4 million riyals in the same period a year earlier, it said in a bourse statement. Albilad Capital had forecast that Bahri would make a quarterly profit of 350 million riyals.

01 Jul 2015

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to Bahri in 2017. The deal included an option to buy five more, which Bahri is now taking up according to the latest announcement. Bahri said the cost of buying the tankers would be announced at a later date, although each will have a capacity of 300,000 deadweight tonnage and would replace ships in its existing fleet. The latest five ships will be delivered during 2017 and 2018, the statement added.  (Reporting by Tom Arnold)

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