Bahri's Q3 net profit jumps 891% as VLCC freight rates surge

what happened

The National Shipping Company of Saudi Arabia, known as Bahri, reported third-quarter 2026 net profit of SR5.09 billion ($1.36 billion), up 891% from a year earlier. For the first nine months, net profit rose 587% to SR9.98 billion. Quarterly revenue reached SR14.83 billion, up 504%, according to Reuters.

The main driver was Bahri Oil, which benefited from significantly higher realised VLCC freight rates and more chartered-in vessels. The company linked this to continued regional shipping disruption and strong customer demand. Net debt fell to SR8.16 billion, and the net debt-to-EBITDA ratio improved to 0.59x from 2.11x a year earlier.

During the quarter Bahri also entered the LPG and ammonia shipping segment by buying three second-hand medium gas carriers, and it signed a SR1.692 billion deal with International Maritime Industries for three new VLCCs. Two crew members died after several vessels were hit by security incidents.

why it matters

The key point for markets is the rise in freight rates for large crude tankers, which shows how regional disruption in the Arabian Gulf and Red Sea is lifting carrier earnings. One company's results do not reshape the oil balance, but they underline the strain on Middle East shipping logistics.

market impact

Tanker freight and Bahri shares: strong results and high rates support the carrier's earnings

tags

instruments