Key facts
- Bahri is coordinating Hormuz transits with the U.S. military, Khalid Alhammad said at a Dubai event.
- Alhammad said Bahri is working with the U.S. at government level to support the transits.
- Bahri's third-quarter net profit was ten times the year-earlier level and 85% above the second quarter.
- Bahri Oil third-quarter revenue was $3.2 billion, up $2.3 billion from the second quarter.
- CEO Ahmed Ali Al Subaey said attacks in the third quarter killed two crew members on Bahri vessels.
Bahri, the Saudi shipping company that exports most of the kingdom's crude oil, is sending tankers through the Strait of Hormuz in coordination with the U.S. military, Khalid Alhammad, president of Bahri Ship Management, said on November 10 at an event in Dubai, as carried by Bloomberg.
Alhammad said the firm is working at government level with the United States to support Hormuz transits. Saudi Arabia is also raising loadings and exports from its Red Sea port of Yanbu while seeking to increase shipments from inside the Persian Gulf through Hormuz. "We have to keep moving the energy," Alhammad said, adding that Bahri and many other shippers have no choice but to attempt the passage.
Bahri last month reported a tenfold jump in third-quarter net profit from a year earlier, and an 85% rise from the second quarter, as disruption at Hormuz drove oil tanker rates to record highs at the end of the third quarter. Revenue at the Bahri Oil unit rose $3.2 billion (12 billion riyals) from the same quarter a year earlier and $2.3 billion (8.6 billion riyals) from the second quarter. The company said the increase was mainly driven by higher operational activity and global freight rates.
Bahri CEO Ahmed Ali Al Subaey said in comments on the earnings release that several of the company's vessels were affected by security incidents in the third quarter, including attacks that killed two crew members. "These events are a profound reminder of the conditions in which our seafarers operate and reinforce our responsibility to protect our people," he said.