Saudi Arabia’s national shipping company Bahri, saw profits fall by 42% in the last three months of 2016.

McDermott has bagged a fast track engineering, procurement, construction and installation (EPCI) contract from Saudi Aramco.

King Abdullah Port (KAP) is set enter the first quarter of 2017 with an increase to 4m teu capacity.

Plans for a $4.3bn mega-shipyard in Saudi Arabia by Hyundai Heavy Industries (HHI), Saudi Aramco, Bahri and Lamprell have moved a step closer to construction with an inauguration ceremony.

The LPG shipping market enjoyed a boom in 2014 and 2015 resulting in a surge in VLGC orders, leading to overcapacity, and the market now looks to be in for a rough ride until 2020.

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.  

South Korea’s Hyundai Heavy Industries (HHI) is looking to establish a shipyard and turbine engine plant in Saudi Arabia as part of its efforts to weather through the shipbuilding sector downturn, reports said.

The National Shipping Company of Saudi Arabia (Bahri) has posted a stronger first quarter profit as on the back of a larger VLCC fleet and higher operating revenues.

Singapore’s Vallianz Holdings has tapped the Middle East bond market with its maiden Saudi Riyal denominated sukuk issuance of SAR1bn ($266.7m).

Officials from Saudi Arabia’s booming first-ever private sector facility, King Abdullah Port (KAP), at King Abdullah Economic City, Rabigh, say a second terminal concession will be tendered early next year.