Saudi Tanker Giant Posts 10-Fold Profit Jump as Ship Rates Surge

By Anthony Di Paola

Oct 28, 2026 (Bloomberg) –Saudi Arabia’s main shipping firm Bahri reported a 10-fold jump in third-quarter profit as its oil tanker business benefited from surging freight rates amid the Iran war.

Net income rose to 5.1 billion riyals ($1.4 billion) from 513 million riyals a year earlier, the company said Wednesday in a stock exchange statement. Sales at its oil unit increased by roughly 10 times due to higher rates and chartering levels.

The US and Israeli attacks on Iran at the end of February sparked a regional war that led to the blockage of the Strait of Hormuz, the chokepoint at the mouth of the Persian Gulf. In recent months, attacks on tankers transiting the crucial waterway have failed to stem a rising flow of oil out of the Gulf.

Several Bahri vessels were attacked during the period and two of the company’s mariners were killed in the incidents, Chief Executive Officer Ahmed Al Subaey said in the statement. The regional war has contributed to “an exceptionally complex operating environment,” he said.

Read more: Saudi Bahri: Sidr Vessel Involved in Aug. 31 Incident in Hormuz

Bahri, officially called the National Shipping Company of Saudi Arabia, has been instrumental in helping state oil producer Aramco to ramp up crude exports via Hormuz. Aramco has looked to regain market share by supplying mainly Chinese buyers with oil via ship-to-ship transfer outside Hormuz, after its East-West pipeline was attacked and temporarily put out of service in September.

Overall Gulf oil exports have recovered to near pre-war levels as more regional producers send barrels through Hormuz, relying in part on convoys with military protection and sailing with location signals switched off to avoid detection.

Read more: Middle East Oil Flows Near Prewar Levels Defy Hormuz Attacks

© 2026 Bloomberg L.P.

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