Freight Rates Push Down Bahri’s Net Profit

The National Shipping Company of Saudi Arabia (Bahri) recorded a SAR 84.8 million (USD 22.4 million) net profit in the third quarter of 2014, 49.9 pct lower than in the same period last year, Bahri’s interim financial results ending on 30th of September show.

Bahri’s net profit stands currently at SAR 410.4 million (approximately USD 110 million), 13 pct lower when compared with last year’s figures that amounted to SAR 472 million.

The results show that the company’s gross profit reached SAR 461 million, 5.2 pct higher than in the previous year.

The net income decrease was attributed by the company to the decline in freight rates and the volume of cargo transported in both general cargo transportation segment and chemical transportation sector.

Bahri has received three vessels in October within the framework of the merger of Vela fleet and operations with Bahri. These include VLCC Saiph Star to be renamed to Karan, followed by Homam Star renamed Farha and the most recent one from October 23, product tanker Alnasl Star renamed  to Bahri Jasmine.

World Maritime News Staff