Saudi Arabian shipping company Bahri reported a sharp increase in third-quarter and nine-month earnings for 2026, benefiting from higher very large crude carrier (VLCC) freight rates, increased chartering activity and shifting trade patterns amid continued disruption in the Arabian Gulf and Red Sea.
Net profit for the first nine months reached SAR 9.98 billion ($2.66 billion), up 587% year-on-year, on revenue of SAR 26.10 billion ($6.96 billion), an increase of 268%.
Third-quarter net profit climbed 891% to SAR 5.09 billion ($1.36 billion), while revenue increased 504% to SAR 14.83 billion ($3.95 billion).
Bahri Oil was the principal earnings driver, benefiting from stronger realized VLCC rates and additional chartered tonnage deployed to meet customer demand. The company's chemicals, integrated logistics and dry bulk businesses also reported revenue growth.
The financial gains came despite security incidents affecting four Bahri-owned vessels during the first nine months, resulting in the deaths of two crew members. Two vessels have returned to service following repairs, while two remain under repair.
Bahri continued expanding its fleet, acquiring three secondhand medium gas carriers to enter the LPG and ammonia transportation market. The first was delivered in September, with the remaining vessels expected by early 2027.
Its owned fleet stood at 107 vessels at September 30.
Following the quarter, Bahri signed a SAR 1.692 billion ($451 million) agreement with International Maritime Industries to build three VLCCs for delivery between 2029 and 2030.
"Looking ahead, we are entering the next phase of Bahri's growth from a position of strength," said CEO Ahmed Ali Al Subaey.
Operating cash flow rose 83% to SAR 4.07 billion ($1.09 billion), while net debt declined to SAR 8.16 billion ($2.18 billion). Its net debt-to-EBITDA ratio improved to 0.59 from 2.11 a year earlier.
