Bahri Posts Near-900% Profit Surge on VLCC Market Strength Despite Red Sea Security Toll

## Bahri Profit Leaps on Buoyant VLCC Market Saudi Arabia's National Shipping Company, Bahri, has recorded a near-900% surge in third-quarter profit, according to Seatrade Maritime, underscoring the extraordinary financial conditions prevailing in the very large crude carrier (VLCC) segment even as the industry continues to grapple with serious security threats. The results reflect the sustained strength of the VLCC freight market in 2026, driven by prolonged tonne-mile demand growth, supply-side constraints, and ongoing geopolitical disruption to traditional shipping routes. For Bahri, one of the world's largest tanker operators and a cornerstone of Saudi Aramco's export logistics, the financial windfall represents a significant turnaround from the more subdued earnings environment of prior years. ### Security Costs Remain Stark The profit surge, however, comes against a sobering backdrop. Seatrade Maritime reports that Bahri suffered four ship attacks during the period, with two seafarer fatalities recorded in 2026 — a grim reminder that the commercial gains of elevated freight rates are being extracted at considerable human cost. The attacks are consistent with the broader pattern of maritime security incidents that have disrupted shipping lanes, particularly in and around the Red Sea and Gulf of Aden corridors, throughout the year. The dual narrative of record profits and ongoing crew casualties highlights the complex risk calculus facing tanker operators in the current environment. Shipowners have largely continued trading through high-risk areas, supported by war risk insurance and elevated freight premiums that have, in many cases, more than offset the additional operational costs. ### VLCC Market Context The VLCC sector has been one of the standout performers in global shipping in 2026. Rerouting of crude cargoes away from conflict-affected zones, combined with strong demand from Asian refiners and constrained fleet growth, has kept spot rates and time-charter equivalents at historically elevated levels. Bahri's results are likely to be seen as a bellwether for the broader tanker sector, with other major owners expected to report similarly strong quarterly figures. For Saudi Arabia, Bahri's performance carries strategic as well as commercial significance, given the company's role in transporting the kingdom's crude oil exports and its position as a flagship of the nation's maritime sector. Full financial details and commentary from Bahri's management are available via Seatrade Maritime.