Bahri Annual Report- 2018



Annual Report 2018

Bahri Chemicals was established as a joint venture with the Saudi Basic Industries Corporation (SABIC), with Bahri owning an 80-percent stake and the remaining 20 percent owned by SABIC. Its objective is to provide services across 150 ports around the world, making it the largest owner and operator of chemical tankers in the Middle East.

Compared to its competitors, Bahri Chemicals delivered in 2018 an exceptional time charter equivalent (TCE) performance. It also improved the volume of its business contracts and focused on improving the efficiency of its IMO II fleet that ships chemicals and oil products.

Commercial Performance


SAR872 million

SAR805 million

2017 Levels

Increase in Revenues

Bahri Chemicals boosted its capabilities in the chemicals sector and moved on to establish itself in other operational areas including the transportation of clean petroleum products (CPP) and vegetable oil products via established Business Results and Achievements trade routes. These new business channels helped the fleet compete in the Company’s various markets and achieve positive results as described below:

Net Profit Increase before Zakat and Tax


SAR61 million

SAR37 million

2017 Levels

in 2018 3,062,018 Voyages


• A total of 10 million tons of chemicals, clean petroleum

• Bahri Chemicals had to manage the challenge of fuel price increases in 2018 and the implications that had on the CPP market, adversely affecting supply and demand. However, our performance recorded continued improvements compared to other competitors as a result of careful adherence to Bahri’s long-term trading strategy.

• Bahri Chemicals continued to concentrate on building its

An Increase of More than 27% Compared to 2017

products (CPP) and vegetable oils were shipped over the year on the commercially managed fleet, in addition to a total of 20 million tons on Bahri’s owned fleet.

business in the CPP and vegetable oils sectors despite ongoing supply and demand volatility and other challenges related to high fuel prices. The Company believes these two sectors offer huge revenue potential once the market stabilizes – expected to happen after the Company’s fleet expansion is accommodated and the International Maritime Organization (IMO)’s regulations are implemented by January 2020.

Strategic Partnerships

• Bahri transported 4,598,410 tons of chemicals for SABIC. • Bahri successfully transported 191,857 tons of methanol for Methanol Holdings Trinidad Limited Company. • Bahri completed the transportation of 484,404 tons of chemicals for Saudi Aramco.

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