Bahri, the maritime shipping arm of Saudi Aramco reports today net profits from their operations have increased by 104 percent from the corresponding quarter last year to 399 million riyals (USD $106 million).
The company attributes the boosted figures to the completion of the 2012 acquisition of Vela Marine International and its fleet of 20 tankers, and the 100 percent utilization of those assets amid a strengthened tanker market.
In parallel with their quarterly earnings report, Bahri announced a 10-year crude oil shipping contract with South Korea’s S-Oil Corp.
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