Bahri Profit Halved
Saudi shipowner also blames increased bunker costs for lower earnings in the first half.
According to MANA, Lower tanker rates in the first six months of the year have resulted in a smaller profit for National Shipping Company of Saudi Arabia (Bahri).
Bahri saw its net profit from January to end of June dropped from SAR 1.1bn ($293.3m) to SAR 532.77m.
The company also cited an increase in bunker costs for the first half decline.
Its revenue sat at SAR 3.33bn, against SAR 3.79bn in the corresponding period of 2016.
The operating profit for the first half was SAR 681.13m, compared to SAR 1.22bn.
As TradeWinds reported last week, Bahri signed a deal with France’s Bollore Group to establish a new logistics joint venture in the Middle East.
In another significant deal for Bahri during the first half, the tanker owner agreed a major deal to use Shell-controlled VLCCs for its exports from the Arabia Gulf.