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Saudi Arabian tanker giant lands ten-year contract

Saudi Arabian tanker carrier Bahri more than doubled its net result in the first quarter of the year, and the has also landed a massive contract to transport crude oil on supertankers from the Arabian Gulf to South Korea.

Photo: Euronav

Saudi Arabia's National Shipping Company of Saudi Arabia (Bahri) has secured a major contract to transport crude oil on VLCC supertankers from the Arabian Gulf to refineries in South Korea. The announcement comes at a time when the carrier can also present a more than doubled net result for the 1st quarter 2015.

Bahri finished the 1st quarter with a net result of 398.98 million riyal, around USD 106.3 million, compared to a net result of 195.1 million riyal in the same period last year, which corresponds to a 104.5 percent increase, says the carrier in its interim report.

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