Bahri, formerly the National Shipping Company of Saudi Arabia, said it had a profit of 60.2 million Saudi Riyal ($16.1 million) in the third quarter ending Sept. 30, compared to SAR 23.4 million for the corresponding quarter for the year 2011, an increase of 157 percent.
Saleh Nasser Al-Jasser, the company's chief executive officer, said the improved net profit reflected the improvement of profit of the general cargo sector, lower fuel consumption due to slow speed of ships, and Bahri Dry Bulk Co. which started its operations this year with profit.
Bahri's owns 17 very large crude carriers, 22 chemical carriers and four combination container/roll-on, roll-off ships
. The fleet is expected to grow to 52 vessels by 2014. The company is building six new combination ships which will replace ships currently used in its general cargo service to the U.S. and Canada East and Gulf coasts.
The first of those ships, Bahri Abha
, is expected to make its first North American port call at Baltimore in February next year.- Chris Dupin