Key facts
- Bahri's third-quarter net profit reached $1.36 billion, up from $137 million a year prior.
- Third-quarter revenues soared over 500% year-on-year to $3.9 billion.
- Bahri Oil unit revenue increased by $3.2 billion year-on-year.
Saudi Arabia's shipping giant Bahri reported a tenfold increase in net profit to $1.36 billion for the third quarter, driven by record-high tanker rates amid global oil and shipping disruptions. The company's profit surged 85% from the previous quarter, with the Bahri Oil unit seeing significant revenue growth. The prolonged disruption at the Strait of Hormuz has led to longer voyages and reduced tanker availability, pushing freight rates to unprecedented levels.