Surging Tanker Rates Buoy Bahri Profit

Saudi Arabian shipping company Bahri reported a sharp increase in third-quarter and nine-month earnings for 2026, benefiting from higher very large crude carrier (VLCC) freight rates.

The company's net profit for the nine months ending September 30, 2026, reached SAR 1.4 billion ($372.5 million), up 126% from the same period last year.

Bahri attributed the increase to improved market conditions and higher demand for oil transportation, leading to increased VLCC rates.

The company also noted that its logistics and transportation services division contributed to the overall growth.