Saudi Arabian shipping giant Bahri has reported a sharp increase in first quarter net profits for 2023 built on strong freight rates for its largest crude carriers.
The company, one of the world’s largest operators of VLCCs, announced profits of SAR 492.5m ($131m) up nearly 660% from SAR 64.9m in the same period of 2022.
The company said its revenues had increased by SAR 449m in oil transportation and by SAR 377m for ships in its chemicals sector.
