Saudi Arabian shipping giant Bahri saw profits increase by more than 400% in 2022, built on a boom in tanker rates.

Bahri, the National Shipping Co of Saudi Arabia, reported improvements across the board — but particularly in the oil and chemical tanker sectors of the business.

The company — a joint venture between the country’s sovereign wealth fund and oil major Saudi Aramco — reported net profit in 2022 of SAR 1.04bn