February 27 - The National Shipping Company of Saudi Arabia (BAHRI) saw strong financial performance during 2012.
Net profit at the shipping line for 2012 totalled SAR504 million (USD134.4 million), up 75.1 percent over 2011.
Operating profit during the trading period rose by 97.7 percent year-on-year to SAR453.8 million (USD121 million).
According to BAHRI, its net profit surge was a result of an improvement in the oil and gas sector, due to an increase of the average time charter equivalent rates in the very large crude carrier spot market. BAHRI also saw improvement in the general cargo sector.