Strong second-half momentum, fleet expansion, and disciplined execution underpin highest annual revenue and earnings in the Company’s history

Riyadh, Kingdom of Saudi Arabia - 09 February 2026: Bahri, the Kingdom’s leading shipping and logistics company, today announced its financial results for the fourth quarter and full year 2025, reporting record net profit of $ 2.43 billion and revenue of $ 10.35 billion for the full year, supported by strong performance in the second half of the year, fleet expansion, and disciplined operational execution.

A clear strategic direction

Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, commented: “2025 was a defining year for Bahri. We began the year with a clear strategic direction and executed with discipline to deliver record-breaking revenue and earnings, while navigating a dynamic global operating environment.

The crude oil transportation market

Our focus on prudent and opportunistic growth by adding 12 modern vessels to our fleet, including 10 VLCCs, supported our ability to capture favorable market conditions and increased demand in the crude oil transportation market during the second half of the year.  Building on these acquisitions, we continued to invest in our fleet, ending 2025 with purchase contracts for 10 newbuild vessels scheduled for delivery over the next four years.

 Strengthened long-term earnings visibility through strategic 

Beyond fleet scale, which now exceeds 100 vessels, we emphasized commercial agility and operational focus to protect margins across our portfolio. In our Chemicals and Dry Bulk businesses, we shifted emphasis toward higher margin owned tonnage to enhance earnings quality. We also advanced our diversification efforts through the full commercialization of our mobile desalination barges and the ordering of two offshore support vessels, positioning us to enter last-mile logistics services for offshore clients. At the same time, we strengthened long-term earnings visibility through strategic partnerships and closer engagement with key customers.

Operational excellence

Operational excellence remained central throughout the year, supported by our in-house ship management capabilities and an uncompromising focus on safety, reliability, and efficiency across our expanding asset base, as reflected in our safety and operational performance.

Related : Bahri and Hadeed Sign Letter of Intent to Explore Collaboration in Maritime Transport Solutions

Transformation of the Kingdom’s maritime and logistics sector in line with Vision 2030.

Today, Bahri is larger, more diversified, and more resilient. As we enter 2026, we remain focused on growing our core businesses, diversifying our revenue streams, and optimizing operations to deliver sustainable value for our shareholders. This performance reflects the dedication of Bahri’s employees and seafarers, whose continued efforts support the transformation of the Kingdom’s maritime and logistics sector in line with Vision 2030.”

Fourth  Quarter 2025 Overwiew 

Bahri delivered Q4 2025 revenue of $ 3.26 billion, representing a 47% year-on-year increase and 33% quarter-on-quarter growth, supported by stronger trading activity and improved market conditions in crude oil transportation. The expansion of Bahri’s owned fleet during 2025, including a net addition of nine Very Large Crude Carriers (VLCCs), enhanced the Company’s ability to capture the upturn in crude tanker markets during the quarter.

Related : Bahri Named as “Strategic Partner” for WAVE Initiative

Amid challenging market conditions

EBITDA for the quarter rose 50% year-on-year to $ 1.68 billion, reflecting strong earnings from the Oil business unit, driven by higher realized tanker equivalent rates under charter agreements and increased trading days. Marine Services and Dry Bulk also contributed positively, supported by the full operation of three desalination barges and improved profitability from owned dry bulk vessels. These gains were partly offset by softer contributions from Chemicals and Integrated Logistics amid challenging market conditions and lower earnings from affiliated companies.

EBITDA margin remained robust and improved to 51%, supported by a higher share of owned tonnage deployment and an overall younger, more efficient fleet. Net profit more than doubled year-on-year to $ 978 million, with net profit margin expanding to 30%.

Full - Year 2025 Overview

For the full year, Bahri reported a record revenue of $ 10.35 billion, up 9% year-on-year, and EBITDA of $ 5.23 billion, representing an 11% increase compared to 2024. Performance was driven primarily by strong earnings growth from the Oil business unit, improving momentum in the second half of the year, and the benefit of disciplined fleet expansion.

Net profit for the year reached $ 2.43 billion, the highest annual earnings in Bahri’s history, supported by strong performance from the Oil business unit alongside resilient contributions across the broader portfolio. Operating cash flow totalled $ 3.26 billion, while capital expenditures of $ 4.25 billion reflected fleet investments, including final payments for eight modern second-hand vessels and initial instalments for ten newbuild vessels scheduled for delivery between 2026 and 2029.
Related : Bahri Named as “Strategic Partner” for WAVE Initiative

Key Operational Highligts ( FY 2025 )

Bahri maintained a zero fatality and zero oil spill record throughout 2025, underscoring its continued focus on safety and disciplined operational practices.The 12-month rolling Lost Time Injury Frequency Rate improved to 0.18 injuries per million work hours, down from 0.42 in the prior year. Operational compliance strengthened further, with a Port State Control deficiency rate of 0.58 findings per inspection, significantly outperforming global industry benchmarks.

Important milestone in the expansion of its marine services portfolio

Completed the full commercialization of its three mobile seawater desalination barges, marking an important milestone in the expansion of its marine services portfolio and establishing a stable, contracted revenue stream.The Company leveraged its expanded owned fleet to enhance profitability, increasing the share of higher margin owned tonnage deployed across its operations and improving overall earnings quality.

Bahri Logistics

Bahri Logistics delivered solid operational progress, supported by higher warehouse utilization and broad-based growth across freight forwarding, agency services, and project logistics, while contract logistics benefited from near-full utilization of leased warehouse capacity.

Key Strategic Higtlits ( FY 2025 )

Bahri expanded its owned fleet to 104 vessels following the acquisition of 12 modern vessels during the year and committed to the purchase of 10 newbuild vessels, enhancing long-term fleet sustainability and earnings capacity. The Company renewed its long-term crude oil Contract of Affreightment with S-Oil for an additional ten years and signed its first COA with Luberef, strengthening long-term demand visibility.

Bahri Marine Services

Bahri Marine Services successfully completed the deployment and commercialization of three mobile desalination barges, establishing a stable, contracted revenue stream. Bahri expanded its commercial presence in Asia through the opening of an office in Singapore, supporting customer engagement and growth along key Asia-Pacific trade routes.Bahri signed a strategic partnership with Liv Golf.Bahri and IMI announced first Saudi-built ocean-going vessels.

About BAHRI

Founded in 1978, Bahri (The National Shipping Company of Saudi Arabia) is the Kingdom’s leading shipping and logistics company and a global leader in maritime transportation. Headquartered in Riyadh, Bahri operates a fleet of over 100 vessels, including one of the world’s largest VLCC fleets, serving customers across energy, chemicals, logistics, and bulk cargo. Bahri’s diversified operations span five core business units: Bahri Oil, Bahri Chemicals, Bahri Dry Bulk, Bahri Integrated Logistics, and Bahri Marine Services, Supported by Bahri Ship Management, the Company is committed to the highest operational standards, safety, and technical excellence across its fleet. Driven by over 4,800 professionals, Bahri continues to advance Saudi Vision 2030, positioning the Kingdom as a global logistics and maritime hub while championing innovation, sustainability, and operational excellence

Source : Press - Release received by Maritime Tickers