Bahri Annual Report-2012

Chief Executive Officer’s Message

These remarkable achievements represent a great boost towards Bahri’s trajectory in achieving higher levels of excellence in the global logistic services sector. The Company is looking forward to achieve similar results in 2013 and the following years.

Dear Shareholders May the peace, mercy and blessings of Allah be upon you.

The strong growth of the National Shipping Company of Saudi Arabia (Bahri) in 2012 has been particularly significant as it has been achieved amidst a global economic slowdown as well as at a time of relatively low freight rates. This is further evidence of the Company’s successful strategy, designed to diversify its activities and meet the market’s needs. These economic impediments still persist in many economies which are influential in world trade. Nevertheless, there are some positive indicators that the global economic situation is likely to improve. In light of these changes, challenges, and opportunities, Bahri has managed to seize growth opportunities, after having deployed great efforts and thrived to become one of the largest and most diverse shipping companies in the world.

name; it rather represents a quantum leap that reflects Bahri’s achievements in terms of its development, innovation and adoption of the latest infrastructure and technologies. In this way the Company has achieved high standards in the services it offers to its customers, especially with regard to quality and safety, in order to achieve all the goals for which the Company was founded. With regard to deals and contracts signed during the year 2012, Bahri has contracted with Saudi Aramco and Vela International Marine Ltd. to merge Vela’s fleet and operations with those of Bahri. Furthermore, another agreement has been signed with Saudi Airlines Cargo Co. for three years to transport urgent equipment and goods by air. In addition to their positive impact on the Saudi economy in general, these agreements are an example of mutual cooperation between the national companies in KSA.

The Company successfully launched its new trademark in April 2012. This step goes considerably beyond a change in


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