Bahri Annual Report-2017

Annual Report 2017

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Dear respected shareholders of Bahri,

Through the expertise of our human resources and proactive nature of our information technology infrastructure, we have achieved optimal management of Bahri’s fleet compared to our competitors. Bahri is also distinguished by its ability to optimize its carriers and ships’ route and destination planning; as a result, we managed to achieve our highest ever revenues per ship. Bahri’s success is not only reliant on leveraging the technology provided by predictive analytics applications. The company has also

We can say that Bahri’s success is a product of the collective efforts of our entire workforce and the support of our wise Saudi government, which wants to establish us as a national benchmark. We must also point to our stringent quality control system, which has become an international benchmark for the maritime transportation industry. This is because we consider quality a critical component of our corporate structure, which is supported by a team of experts. This integrated team has managed to develop Bahri’s services to new heights, culminating in an outstanding 2017 performance. In turn, this has formed the basis for radical among the biggest players in the maritime transportation sector in the medium and long term. Bahri is working towards becoming an integrated supplier of logistical services by utilizing its capabilities and developing innovative solutions that improve value for both customers and shareholders as well. We take pride in completing more than 38 consecutive years of continuous operations, and we are advancing towards further development and success by building a robust network of customers inside the Kingdom and abroad and achieving a positive Finally, I would like to thank the government of the Custodian of the Two Holy Mosques and his Crown Prince for their support. I would also like to thank Bahri’s Board of Directors for all their continued efforts in helping us achieve our objectives. Finally, I extend my gratitude to Bahri’s owners, partners and employees for their endeavors in helping the Company meet the aspirations and expectations of its shareholders and customers. We look forward to another year of success, new future prospects and further achievements. and global reputation built on quality, reliability and safety.

Foreword by the Chairman

Bahri has maintained its reputation as one of the world’s leading companies in logistics and transportation. It has contributed significantly to the development of the international transportation industry by focusing on innovation and sustained commitment to providing pioneering maritime, land and air-based services that utilizes state-of-the-art technology. Despite the substantial challenges we encountered in 2017 resulting from a volatile global market, Bahri has nevertheless followed through on its strategy of continuous expansion in line with our global competitors. Today, Bahri is the largest owner and operator of Very Large Crude Carriers (VLCCs) in the world, and is also the largest owner and operator of chemical tankers in the Middle East. The company currently owns 88 vessels, including 41 VLCCs, 36 chemical/product tankers, six multipurpose vessels and five dry bulk carriers. This is in addition to five VLCCs under construction that will be delivered through our partnership with Hyundai Heavy Industries Company (HHI). The total capacity of Bahri’s VLCCs is 1.6 million Dead Weight Tonnage (DWT), while Bahri’s chemical tankers can transport 1.3 million DWT. Our business aims to fulfill the aims and objectives of the Saudi Vision 2030, which emphasizes on the role of the private sector, investment in non-oil resources and provision of job opportunities to national talents by focusing on their skills and qualifications and encouraging them to take up high-profile executive roles in different sectors. Bahri has worked throughout the year on harnessing the power of technology and utilizing it to support our industry leadership and boost competition.The utilization of Big Data capabilities has contributed to Ongoing improvements to our Big Data capabilities,have in turn contributed to streamlined management of our fleet and more precise scheduling for our vessels.

depended on an integrated and advanced management platform that supports safety, quality and optimal structuring of cost. This is overseen by a qualified workforce equipped with the highest levels of technical knowledge, skill and management capabilities, who drive Bahri’s efforts to increase profitability and maximize return on equity. Furthermore, Bahri has implemented an integrated customer-centric plan focused on building long-term and flexible partnerships through which it can provide distinguished logistical solutions.

Abdulrahman Mohammed Al-Mofadhi Chairman

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