Saudi Arabian VLCC specialist Bahri has logged a 302% rise year-on-year in net earnings over the first nine months of 2020.
The tanker and bulker owner called the result of SAR 1.49bn ($336m) "remarkable" as crude rates soared in the second quarter.
As tanker rates fell in the third quarter, Bahri still managed to push up net earnings 114% to SAR 314m between July and September, as dry cargo markets improved.
Revenue over the first three quarters was SAR 7.12bn, 54% higher than in 2019.
Third quarter revenue was SAR 1.51bn, up 2% from last year.
"The positive financial results achieved during the third quarter of 2020 reflect a significant improvement in our operations compared to the same quarter last year, as we were able to enhance efficiency through the careful management and control of operating and financing expenses," said chief executive Abdullah Aldubaikhi.
Diversity is good
The boss added that the diversity of its operations and client base creates a competitive advantage and added flexibility in dealing with any challenges.
The shipowner, in which Saudi Aramco is a major shareholder, was also boosted by a reduction in the tax and charitable contributions it is required to pay, thanks to government amendments to income tax law.
Financing expenses also decreased.
Over the summer, Bahri confirmed a $410m order for 10 chemical tanker newbuildings at Hyundai Mipo Dockyard (HMD) in South Korea.
The contract will see the South Korean shipbuilder start deliveries of the 10 50,000-dwt, medium-range tankers from the first quarter of 2022. It does not include any options.
