ReportedShipping, energy & marketsSaudi Arabia / Strait of Hormuz
Bahri reports tenfold jump in quarterly profit as Hormuz disruption drives tanker rates
- Mountain Time
- Local time
- 3:30 PM in Riyadh
- Where
- Saudi Arabia / Strait of Hormuz
Saudi shipping company Bahri reported third-quarter net profit of $1.36 billion, up from $137 million a year earlier and 85% above the second quarter. OilPrice reported that the company's oil-shipping business benefited from record tanker rates as prolonged Strait of Hormuz disruption lengthened voyages and tied up vessels.
Why it matters
The results show how higher tanker costs are transferring revenue to shipowners while raising the cost of moving replacement crude supplies.
Source
- OilPrice.comoilprice.comPublished
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