Bahri handles 45% of cargo imports from the US to Mideast, says official

The National Shipping Company of Saudi Arabia’s (Bahri) logistics division handles 41 to 45 percent of the total US exports to the Middle East, division manager Ahmed Al-Ghaith told Argaam.

He added that six of the company’s vessels generated over SAR 526 million in revenue in 2017.

Al-Ghaith was speaking during his participation at The Armed Forces Exhibition for Diversity of Requirements and Capabilities (AFED) 2018, currently held in Riyadh.

He said the company’s joint venture with France’s Bolloré Logistics Sas (namely Bahri Bolloré Logistics) provides comprehensive logistics, packaging and warehouse management services, and helps the company handle its cargo business.

The JV was established in Sept. 2017 with a capital of SAR 30 million, and started commercial operations in Jan. 2018, wherein Bahri owns 60 percent stake and the remaining stake is held by the French partner.

Bahri enjoys continued support from the Saudi government through the strategic partnership with Saudi Aramco, which owns 20 percent stake in the company. Public investment funds also hold stakes in the company, including the Public Investment Fund (PIF) that owns 22.55 percent stake.

Bahri’s fleet currently comprises 90 vessels including 43 Very Large Crude Carriers (VLCCs), 36 chemical/product tankers, 6 multipurpose vessels and 5 dry bulk carriers, with an additional 3 VLCCs on order.