Shippingtelegraph.com: Bahri adds to fleet 19 vessels in 12 months amid solid financial performance

by Shipping Telegraph

Six modern secondhand vessels were acquired and commercially deployed during the second quarter of 2025 by the National Shipping Company of Saudi Arabia (Bahri), comprising of five very large crude carriers (VLCCs) and one multipurpose vessel. An additional secondhand VLCC acquired in June entered operation in July 2025, according to the company’s statement.

Over the past 12 months, Bahri acquired 19 modern vessels to bring its fleet size to a total of 103 owned vessels. Furthermore, the company continued to complement its owned fleet with chartered vessels. These included 13 vessels under long-term leases, all serving the Chemicals BU, as of end of June 2025.

“We are solidifying Bahri’s leadership position in the shipping and logistics sector and gained significant momentum over the past 12 months, acquiring 19 modern vessels to bring our fleet to a total of 103 vessels today. We have done this expansion prudently and ensured that every vessel adds value and broadens our service offerings for our global clients,” commented Eng. Ahmed Al Subaey, chief executive officer of Bahri.

“In 2024’s highly supportive market, we opportunistically expanded our owned fleet while maintaining balance sheet health. In this year’s more dynamic market environment, we are leveraging our larger, younger fleet to achieve cost efficiencies to protect our margins,” he added.

The National Shipping Company of Saudi Arabia (Bahri), the Kingdom’s shipping and logistics provider, announced its financial results for the second quarter and first half of 2025, reporting solid operational and financial performance.

Bahri recorded a net profit of SAR 407m ($108.4m) in Q2 2025 and SAR 940m ($250.5m) for the first half of the year.

The second quarter revenue rose 14% compared to the previous quarter, reaching SAR 2.46bn ($655.7m), but was lower by 9% against the prior-year period.

Quarter-on-quarter growth was driven by stronger freight rates and an increase in trading days across core business units, according to the company, while the decline against the previous year was mainly “due to normalization of the chemicals and clean petroleum products shipping market.”

As it is reported, EBITDA for the first half reached SAR 2.30bn ($613m), with a 50 percent margin.

Looking ahead, Bahri says that it remains “cautiously optimistic” about the second half of the year, adding that it will continue to prioritize fleet productivity, leverage chartering opportunities, and drive resilience and agility across its business units.