Bahri's Profit Fell Last Year

- Mar 05, 2018-

Bahri's profit fell last year
Bahri recently announced that its net income in 2017 was R $ 800.3 million ($ 213.3 million), a 53.4% decrease from last year's BRL 1.7 billion.

 

The company said the net decrease was due to the drop in freight rates in the international spot market, especially in the oil and chemical transport market, mainly due to higher fuel costs due to higher fuel prices in 2017.

In addition, the share of Petredec, which holds 30.3% of Bahri's share of profits, is reduced, resulting in a decline in the company's profits. The company said the increase in new fleet fleet and the business growth in the logistics services sector reduced the impact of freight rates on the company's performance.

 

Meanwhile, Bahri announced the receipt of a very large VLCC. The company said the VLCC it received was a "Qamran" round, the third VLCC the company received this year. Earlier the company received the "Kassab" round in January of this year and the "Lawhah" round in February. After receiving the "Qamran" round, the fleet size increased to 91 vessels, including 44 VLCCs.

 

Bahri said the 300,000 DWT "Qamran" was built by Hyundai Sanhu Heavy Industries with a length of 330 meters and a width of 60 meters. According to the company's strategic long-term maritime growth expansion plan in May 2015, Korea Shipyard ordered 10 VLCC part.