Bahri reports 10-fold profit surge amid Middle East maritime tensions

Saudi Arabia’s National Shipping Company, known as Bahri, reported a massive increase in third-quarter profits for 2026. Net income rose to approximately 5.1 billion riyals ($1.4 billion), representing a nearly 10-fold increase compared to 513 million riyals during the same period last year.

The surge was primarily driven by the company’s oil tanker business, which saw gross profits climb by roughly 4.4 billion riyals. This growth is attributed to higher global freight rates and increased chartering levels resulting from regional instability.

CEO Ahmed Al Subaey noted that the company is operating in an “exceptionally complex operating environment” following conflicts involving Iran, the US, and Israel. These tensions led to the blockage of the Strait of Hormuz and attacks on tankers in the region. Bahri reported that several of its vessels were attacked during this period, resulting in the deaths of two mariners. Despite these risks, the company has played a key role in supporting Aramco’s crude exports through the waterway and via ship-to-ship transfers.