Q3 2026 revenue was SAR 14.83 billion (+504% YoY) and net profit was SAR 5.09 billion (+891% YoY), driven primarily by Bahri Oil, which continued to benefit from significantly higher freight rates and expanded charter-in activity to meet customer demand.

For 9M 2026, revenue reached SAR 26.10 billion (+268% YoY) and net profit of SAR 9.98 billion (+587% YoY).

Acquired three medium gas carriers (MGCs), marking Bahri’s entry into LPG and ammonia transportation, with the first delivered in September 2026.

Riyadh, Kingdom of Saudi Arabia – 28 October 2026: The National Shipping Company of Saudi Arabia (Bahri), the Kingdom’s leading shipping and logistics company, announced its financial results for the third quarter and first nine months of 2026, reporting net profit of SAR 5.09 billion for Q3 2026, up 891% year-on-year, while net profit for the first nine months reached SAR 9.98 billion, an increase of 587% compared with the same period last year.

Amid continued regional shipping disruption,

Bahri recorded Q3 revenues of SAR 14.83 billion, up 504% year-on-year, while revenues for the first nine months of 2026 reached SAR 26.10 billion, representing growth of 268%. The strong performance was primarily driven by Bahri Oil, which benefited from significantly higher realised VLCC freight rates and increased charter-in activity amid continued regional shipping disruption and strong customer demand. Bahri Chemicals & Products, Integrated Logistics and Dry Bulk also delivered year-on-year revenue growth during the quarter.

The results demonstrate Bahri’s ongoing ability to adapt. 

The results reflect Bahri’s continued ability to adapt to rapidly evolving trade flows and market conditions while maintaining commercial activity through an exceptionally challenging operating environment. During the third quarter, the Company continued to deploy additional chartered capacity where required to meet customer demand, while its diversified businesses responded to changing cargo flows across the region.

Advance its long-term growth and fleet diversification strategy. 

Bahri also continued to advance its long-term growth and fleet diversification strategy. During Q3 2026, the Company entered the LPG and ammonia shipping segment through the acquisition of three second-hand medium gas carriers. The first vessel was delivered in September, with the remaining two expected in Q4 2026 and Q1 2027, respectively.

The Company’s owned fleet remained at 107 vessels at end-September 2026, following the addition of the fifth IMO2 MR tanker from its previously announced acquisition programme and the disposal of an older chemical tanker. Bahri also took delivery of two previously ordered offshore support vessels during the quarter.

Following the end of Q3

Following the end of Q3, Bahri signed a SAR 1.692 billion agreement with International Maritime Industries (IMI) for the construction of three new VLCCs for delivery between 2029 and 2030, further supporting the Company’s fleet modernisation programme and contributing to the development of domestic shipbuilding capabilities in line with Saudi Vision 2030.

An exceptionally complex operating environment. 

Commenting on the results, Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, said: “Bahri delivered another strong quarter, in an exceptionally complex operating environment, reflecting the resilience of our business model, the strength of our fleet and the discipline with which we continue to execute our strategy. As trade flows shifted and customer requirements evolved, we adapted quickly while maintaining the reliable movement of essential cargo across the Kingdom and global markets. This ability to respond through the cycle is increasingly important in an industry where resilience, scale and flexibility are becoming as critical as capacity itself

He added: " Looking ahead, we are entering the next phase of Bahri’s growth from a position of strength. We are continuing to modernise and diversify our fleet, strengthen our core shipping and logistics businesses and expand selectively into new segments, including gas and ammonia transportation. Our focus remains on disciplined growth that strengthens Bahri’s competitiveness, supports the Kingdom’s expanding trade and maritime ambitions, and creates sustainable long-term value for our shareholders.”

Strengthened the financial position

Bahri’s strong performance during the first nine months of the year further strengthened its financial position. Net operating cash flow reached SAR 4.07 billion, up 83% year-on-year, while free cash flow reached SAR 2.99 billion, compared with an outflow of SAR 1.31 billion in the prior-year period.

 The Company’s first unsecured international bank financing facility

Net debt declined to SAR 8.16 billion at end-September 2026, compared with SAR 9.85 billion a year earlier. Combined with stronger earnings, this resulted in the Company’s net debt-to-EBITDA ratio improving to 0.59x, from 2.11x at end-September 2025, providing continued financial flexibility to support Bahri’s long-term growth strategy.

During Q3, Bahri also completed a SAR 987 million refinancing facility with BNP Paribas and the National Bank of Greece, marking the Company’s first unsecured international bank financing facility and an important step in further diversification of its funding sources.

Related: Bahri and IMI Sign SAR 1.692 Billion Contract for Three Newbuild VLCCs

 Bahri continued shipping operations amid heightened disruption across the Arabian Gulf and Red Sea. 

Operationally, Bahri continued shipping operations amid heightened disruption across the Arabian Gulf and Red Sea. During the first nine months of the year, four owned vessels were impacted by security-related incidents, resulting in the tragic loss of two crew members. Two of the affected vessels have since returned to commercial operations following repairs, while two remain under repair. Bahri maintained its focus on safe and responsible maritime operations, recording no oil spills during Q3 2026. The 12-month rolling Lost Time Injury Frequency Rate for crews serving on Bahri-owned vessels stood at 0.18 injuries per million work hours, compared with 0.23 at end-September 2025.

ABOUT BAHRI

Established in 1978 as the National Shipping Company of Saudi Arabia, Bahri is the Kingdom’s leading shipping and logistics company and a global leader in maritime transportation.

Headquartered in Riyadh, Saudi Arabia, Bahri operates a fleet of 109 vessels, of which 107 vessels are owned, while two vessels are under long-term leases, as well as three floating seawater desalination barges and two offshore support vessels, as of end-September 2026.  Bahri is recognized as one of the world’s largest owners of Very Large Crude Carriers (VLCCs).

The Company’s diversified operations span a broad range of services, including the transportation of crude oil, gas, clean petroleum products, chemicals, and dry bulk and breakbulk cargo, as well as the purchase, sale, chartering, and operation of vessels in support of these activities.  Bahri also provides integrated logistics solutions, including freight forwarding, warehousing, customs clearance, cargo handling and stowage, and contract logistics.  Additionally, it has expanded into the seawater desalination sector through the operation of floating desalination barges and expanded its agency services through offshore support vessels.

Related: Bahri Logistics: Agreement with Grandweld Shipyard to Build Advanced Offshore Support Vessels

Bahri also holds non-controlling equity interests in Petredec Group, a leading liquefied petroleum gas shipping and trading company, and Saudi shipbuilder International Maritime Industries.

Supported by a team of over 5,000 professionals across our onshore and offshore operations, Bahri is committed to advancing Saudi Vision 2030 by contributing to the development of the Kingdom as a strategic regional maritime hub and logistics gateway, while maintaining its role as a vital and responsible participant in the global supply chain.

Source: Press Release received by Maritime Tickers

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