Tanker owner Bahri has booked a smaller first quarter profit.

The Saudi Arabian owner recorded net income of SAR 378.9m ($101m) in the opening three months of 2017, down from $612.9m 12 months ago.

Bahri said a weaker spot market and higher fuel costs contributed to the fall in its bottom line.

Revenue slipped only marginally from SAR 1.96bn to SAR 1.94bn year-on-year.

“The company fleet expansion contributed to capturing more market share which resulted to limit the impact of lower market rates in current quarter, as Bahri is now the largest VLCCs owner with 37 VLCCs in its owned fleet,” the company said.