MIDDLE EAST • SAUDI ARABIA


2014-built VLCC Kahla


Bahri – flying the flag


Saudi Arabia’s national shipping company Bahri has revealed that it plans to register all of its 37 VLCCs under the flag of Saudi Arabia by the end of 2017, as part of the country’s long-term maritime ambitions and national Vision 2030.


The announcement was made at the same time as the registration of latest newbuilding Amjad, a VLCC owned and operated by Bahri, under the flag of Saudi Arabia.


Of Bahri’s fleet of VLCCs, 19 are currently registered under the Kingdom’s national flag, with the remaining 18 split between Bahamas and Liberia.


Bahri said the decision to move its entire fleet of VLCCs under the fleet of Saudi Arabia falls in line with the shift and growth the transportation sector in the Kingdom has witnessed in the recent past.


Last February, Amjad, the 37th VLCC to join Bahri’s fleet, arrived in the Kingdom, docking at Port of Ras Tanura near Dammam, in the Eastern Province, where it was officially registered under the Saudi flag by officials from the Ministry of Transport and Public Transport Authority in Saudi Arabia.


The registration took place on the back of a number of successful meetings between maritime specialists from PTA and Bahri’s technical team.


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Ibrahim Al-Omar, Bahri group ceo, said: ‘The registration of 37 VLCCs by the end of 2017 under the Saudi flag will enhance Bahri’s global ranking in the IMO’s lists and


Ibrahim Al-Omar


increase the size and efficiency of the Saudi maritime fleet.’


Highlighting the significant role the maritime sector plays in Saudi’s economic growth, Al-Omar reiterated the industry’s importance as one of the pillars of Saudi Arabia's 2030 Vision.


Profits fell by 42% in the last three months of 2016, with Bahri posting profits of SAR327.8m ($87.4m) during the three month period, compared with SAR566.4m over the same timeframe in 2015.


Bahri cited a number of factors for the results, including lower spot market rates, particularly in the oil


transportation sector, and an Increase in bunker costs as a result of higher oil and bunker prices during the current quarter compared to the corresponding quarter of 2015.


Separately, Saudi Aramco, Bahri, Hyundai HI and Lamprell signed a joint development agreement to develop a shipyard at Ras Al Khair last year. 


‘The shipyard has continued to expand into


offshore repairs of jack-up and


onshore repairs of land rigs. In


Jason French


addition, Dammam Shipyard has been awarded major military contracts from Royal Saudi Naval Forces and Coastguard and continued to support dredger and anchor handling tug supply vessels.’


French says that market conditions are ‘tight’ but that there is evidence of improvement in 2017.


‘The industry has been affected by the falling oil and gas price which led to a liquidity contraction. That contraction meant that many vessel and tog owners pushed out their repairs and maintenance jobs until 2017.


‘However while a challenging year, Dammam Shipyard handled 60 vessels, which is on par with previous years, and the jobs we worked on were complex and high-value, informs chief executive French.’


Seatrade Maritime Review • Quarterly Issue 2 • June 2017 51


Dammam Shipyard increases its range


Dammam Shipyard has pressed ahead with its efforts to increase its range of services over the last 12 months, ceo Jason French tells Seatrade Maritime Review.


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