In International Shipping News 27/07/2016
The increase in net income for the current quarter compared to the corresponding quarter is mainly due to:– An increase in operating revenues as a result of buying and receiving several VLCCs.– Increase in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market during the current quarter compared to the corresponding quarter of 2015.– Increase in the operating revenues and net income of General Cargo Transportation sector due to the improvement of the operating and commercial performance.– Decrease in average bunker prices.
The increase in net income for the current period compared to the corresponding period is mainly due to:– An increase in operating revenues as a result of buying and receiving several VLCCs and chemical tankers during 2016, as the fleet now consists of eighty three vessels; from which 36 are VLCCs and 31 are chemical tankers.– Increase in the operating revenues and net income of General Cargo Transportation sector due to the improvement of the operating efficiency and commercial performance of the sector activities.– Increase in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market during the current period compared to the corresponding period of 2015.
The decrease in net income for the current quarter compared to the previous quarter is mainly due to:
Source: Bahri (National Shipping Company of Saudi Arabia)
– Increase in the company share in profits of Petredec limited (30.3% owned by Bahri) by SAR 29.5 million (Current quarter: 38.8 millions, corresponding quarter: 9.3 millions)
– Decrease in average bunker prices.
– Decrease in Oil Transportation sector results as a result of a decrease in Time Charter Equivalent (TCE) rate in crude oil transportation spot market during the current quarter compared to the previous quarter of the current year. On the other hand, the net income of Chemicals sector has improved due to the increase in average rates of chemicals spot market as well as the net income of General Cargo sector due to enhancing the efficiency.
