Bahri posts record-breaking profit in 2024
The Saudi Arabian shipping giant registered a 34% increase in net profit last year
Increased volumes and heightened freight rates were behind Bahri’s record-breaking 2024, the company said, supported by a busy year of fleet expansion
SAUDI Arabian shipping company Bahri recorded net profits of SAR2.1bn ($578m) in 2024, as an increased fleet carried more cargo at heightened freight rates.
Bahri’s profits were up 34% in 2024 on 2023’s figure, helped by its 40% stake in gas carrier specialist Petredec.
Chief executive Ahmed Ali Al Subaey said 2024 was more than just a record-breaking year for Bahri, but also a “pivotal year that laid the foundation for our future”.
“We took strategic steps to reinforce Bahri’s position as a global leader in shipping and logistics by modernising and expanding our fleet, with a net addition of five vessels,” he said.
Bahri purchased 11 secondhand vessels — five VLCCs, four chemical tankers, one dry bulk carrier and an MPV — and sold three chemical tankers, two VLCCs and a product tanker.
The Saudi Arabian national carrier purchased nine VLCCs from Evangelos Marinakis’ Capital Maritime & Trading for $1bn in August 2024.
It has also ordered seven other VLCCs that will likely join the fleet in the first half of 2025. A further 16 vessels are operated by Bahri on long-term lease agreements, which it said helped address “increased cargo requirements”.
Bahri’s operational fleet, both owned and leased, reached 109 vessels at the end of 2024 from 98 the year before.