Bahri Annual Report-2013

Bahri has received many awards and certificates that reflect its progress and confidence. The Company is committed towards transparency in all aspects of its operations, especially with respect to the disclosure of its operational results. The Company implements safety standards in all its operations, as well as to protect the environment. The Company is also committed to adopt corporate social responsibility (CSR), achieving constant growth, and fulfilling its mission and objectives through the implementation of successive strategic plans and the optimum exploitation of available resources.

Due to the expansion of its activities and fleet, Bahri incorporated Mideast Ship Management Ltd. in 1996 to provide ship management services for the vessels and tankers owned by Bahri and its subsidiaries. It currently manages 52 ships, a number which is expected to reach 72 ships by the end of 2014, to include the additional fleet that will join as a result of the merger with Vela and the delivery of ships under construction. In 2005, the Company invested in the business of Liquefied Petroleum Gas (LPG) transport by acquiring 30.3% of the shares of Petredec Ltd. In line with the Company’s strategy to diversify its business activities and increase its investments, in 2010 the company added a new activity of dry bulk cargo transportation by incorporating Bahri Dry Bulk Co. LLC (BDB), a JV which is owned 60% by Bahri and 40% by ARASCO. BDB started its operations in 2012.

Bahri began its operations in the general cargo shipping industry as its prime business activity. Later, it expanded activity through incorporating a subsidiary in the United States of America in 1991 which serves as an agent to facilitate the general cargo operations in North America. In 1985, the Company began shipping petrochemicals after acquiring two chemical tankers, one owned by the company and time chartered to SABIC and the other owned through a joint venture (JV) incorporated with United Arab Shipping Company (UASC) under the name, Arabian Chemical Carriers Ltd. (ACC), also time chartered to SABIC. In 1990, the Company expanded its chemical transportation activity by incorporating National Chemical Carriers Ltd. Co. (NCC), a JV owned 80% by Bahri and 20% by SABIC, to purchase, charter and operate chemical tankers. In 1992, the Company entered into the crude oil transportation sector and built five VLCCs, which started trading during 1996 and 1997. In 2001, the Company acquired four new VLCCs, continuing the expansion in this business sector and by the end of 2013 the total VLCC fleet reached 17. Company Vision Connecting economies, sharing prosperity and driving excellence in global logistics services.

Values Driven, Relentless, Transparent, Considered.

Company Mission By consistently focusing on our values and responsible business fundamentals, we shall be a leading service provider applying best practices to run a world-class fleet, whilst building mutually beneficial relationships with all stakeholders.

Commitment All of the Company’s employees are committed to supporting and serving all its customers, and to fulfilling the Company’s mission to shareholders and society. Efficiency The Company’s efficiency lies in its work ethics, commitment to customers and operational credibility.

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