Bahri third-quarter profit jumps tenfold as tanker rates surge

Bahri, Saudi Arabia's main shipping company, reported third quarter net income of 5.1 billion riyals, about ten times the 513 million riyals of a year earlier, as sales at its oil tanker unit rose roughly tenfold on higher freight rates during the Iran war.

Why it matters: Bahri carries much of Saudi Arabia's crude out of the Gulf, and a tenfold profit rise on tanker rates is a company level measure of how much the Hormuz disruption has raised the cost of moving Gulf oil even as export volumes recover.

Data as of Bloomberg report by Anthony Di Paola, published October 28, 2026 via gCaptain and read in full in this run, reporting Bahri's stock exchange statement of the same day; the exchange statement itself was not obtained in this run, so this item is single-sourced. Developing item.

Bahri, officially the National Shipping Company of Saudi Arabia, reported third quarter net income of 5.1 billion riyals (1.4 billion dollars), up from 513 million riyals a year earlier, in a stock exchange statement on Wednesday reported by Bloomberg. Sales at its oil unit increased by roughly ten times on higher tanker rates and chartering levels during the regional war that followed the US and Israeli attacks on Iran at the end of February.

Chief executive Ahmed Al Subaey said several Bahri vessels were attacked during the period and two of the company’s mariners were killed, and called the operating environment exceptionally complex. Bloomberg reported Bahri has helped state producer Aramco raise crude exports through Hormuz, including ship to ship transfers outside the strait, after Aramco’s East-West pipeline was attacked and temporarily put out of service in September.

Bahri third-quarter profit jumps tenfold as tanker rates surge

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