Bahri profit halved due to lower tanker rates

Lower tanker rates in the first six months of the year have resulted in a smaller profit for National Shipping Company of Saudi Arabia (Bahri).

Bahri saw its net profit from January to end of June dropped from SAR 1.1bn ($293.3m) to SAR 532.77m.

The company also cited an increase in bunker costs for the first half decline.

Its revenue sat at SAR 3.33bn,