Bahri profit slips as tanker rates fall

But Saudi national owner still ahead of 2015 over nine months despite Q3 drop.

National Shipping Company of Saudi Arabia (Bahri) has recorded lower earnings in the third quarter as spot rates fell.

The state tanker owner said it made SAR 318.37m ($84.88m) on a net basis to 30 September, from SAR 510.3m in the same three months of 2015.

It blamed a fall in spot rates year-on-year as well as a decrease in the company’s share of profit from its 30.3% holding in gas carrier player Petredec.

For the first nine months, however, it logged earnings of SAR 1.43bn, up from SAR 1.25bn last year.

This was put down to its fleet expansion to 83 ships, from 73 in September 2015, plus more profit from its general cargo vessels and a drop in bunker prices.