Saudi Arabia’s national shipping company, Bahri, plans to expand its fleet by adding at least 10 modern, eco-scrubber-fitted Very Large Crude Carriers (VLCCs) in the first half of 2025. This follows the addition of five VLCCs to the fleet in 2024, reports S&P Global.
Fleet Expansion
Bahri, a leading global owner and operator of VLCCs, expanded its fleet in 2024 by adding four chemical tankers, one dry-bulk carrier, and one multipurpose vessel. Three of these VLCCs and the dry-bulk carrier are scheduled to enter service in the first quarter of 2025.
The company reported record-breaking revenue in 2024, driven by increased cargo volumes and higher freight rates. This growth resulted in a 34% year-on-year increase in net profit, also an all-time high.
CEO Ahmed Ali al-Subaey attributed this success to the company’s expanded customer base, new demand channels, strong market reputation, and the dedication of its employees.
In December 2024, Bahri, through its joint venture with SALIC, inaugurated a new grain terminal at Yanbu Commercial Port on the Red Sea. This terminal boasts an annual handling capacity of 3 million metric tons of grain and aims to serve the growing demand for wheat, corn, barley, and rice, primarily sourced from Russia, Brazil, Australia, the EU, and the US.
Crude Oil Dominance
Bahri, 20% owned by Saudi Aramco, holds a strategic position as the exclusive transporter of Saudi Aramco’s VLCC crude oil cargoes sold on a delivered basis globally. This underscores Saudi Arabia’s dominance in the global crude oil export market.
The company expanded its fleet significantly in 2024, adding five VLCCs, four chemical tankers, one dry-bulk carrier, and one multipurpose vessel. This expansion strengthens Bahri’s position in the global shipping market.
Bahri Oil secured a long-term contract of affreightment with Rongtong Logistics, a subsidiary of Rongsheng Petrochemical in China. This marks a significant milestone for Bahri, establishing a direct relationship with a major Chinese customer.
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Source: S&P Global
