Petredec lifts Bahri

Saudi Arabian shipowner Bahri has booked another big jump in profit thanks to its holding in fast growing LPG owner Petredec.
A Bahri VLCC

A Bahri VLCC

Bahri booked a net profit of SAR 276.1m ($73.6m) for the three months to 31 December, almost four times the SAR 73m logged for the fourth quarter of 2012.

Its 30% shareholding in Singapore-based Petredec earned it SAR 152m during the quarter compared to just SAR 13m a year earlier as average time charter equivalent rates (TCE) in the LPG sector soared.

As we reported yesterday, Petredec is in expansion mode and has ordered a further six VLGCs at Hyundai Heavy Industries, taking its tally at the shipbuider to ten.

Bahri's net profit was also up by 90% on the previous quarter.

Full year net earnings came in at SAR 748.1m, a rise of close to 50% on the SAR 504m booked in 2012.

The jump in quarterly and full year earnings was boosted by SAR 75.5m from the disposal of four ro-ros for scrap.

Its 80% stake in National Chemical Carriers and its 60% holding in Bahri Bulk also helped to lift the numbers as both performed better than the previous year.

TCE rates for its VLCCs, most of which are time chartered to national oil company Saudi Aramco, beat the prevailing rates in the spot market, Bahri said.

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