Bahri Net Income Jumps Tenfold Amid Regional War

The National Shipping Company of Saudi Arabia, known as Bahri, reported a ten-fold increase in third-quarter net income, which rose to 5.1 billion riyals ($1.4 billion) from 513 million riyals the previous year. The profit surge followed a regional war sparked by U.S. and Israeli attacks on Iran in February, which drove up chartering levels and freight rates for the company's oil tanker business.

Operations faced significant disruptions, including the blockage of the Strait of Hormuz and attacks on several Bahri vessels that resulted in the deaths of two mariners. Despite these challenges, Gulf oil exports have nearly returned to pre-war levels.

Bahri assisted Saudi Aramco in maintaining crude exports to Chinese buyers through ship-to-ship transfers conducted outside the Strait of Hormuz. This strategy became necessary after an attack in September temporarily disabled Aramco's East-West pipeline.