National Shipping Company of Saudi Arabia (Bahri) has announced a net profit of Saudi Riyals (SAR) 1.116m ($297.59m) for the first half of 2016, a whopping 50% period-on-period increase.
Bahri is poised to expand its already sizeable involvement in the VLCC sector by as many as 15 vessels through a deal with Arab Petroleum Investments Corp (Apicorp) to launch a $1.5bn investment fund.
Development of a new shipyard in Saudi Arabia has moved a step closer with Saudi Aramco, Bahri, Hyundai Heavy Industries (HHI) and Lamprell signing a joint development agreement (JDA).