27/09/2017 09:44 AST

Saudi Arabia's Bahri , the world's largest owner and operator of very large crude carriers (VLCCs), aims to start operating its joint venture with French logistics firm Bollore by the end of the year, an executive told Reuters on Tuesday. "We are looking at activating the JV within the coming weeks. The CEO has been chosen, we're forming the board," said Bahri Vice Chairman Mohammed Abdulaziz AlSarhan, speaking on the sidelines of a launch event for the partnership in Riyadh. BahriBollore Logistics, 60 percent owned by Bahri and based in Riyadh, will expand the shipper's cargo business from port-to-port deliveries into more extensive door-to-door logistics. There was "urgent need" for the expansion because of Bahri's role as the exclusive carrier for the Saudi Electricity Company and the Saudi Ministry of Defence, making it responsible for shipping all of the kingdom's weapons purchases, said AlSarhan. "These two entities need door-to-door service," he said. Off The Wire Saudi's BahriBollore Logistics JV to start operations by year-end Reuters Reuters Saudi Arabia's Bahri , the world's largest owner and operator of very large crude carriers (VLCCs), aims to start operating its joint venture with French logistics firm Bollore by the end of the year, an executive told Reuters on Tuesday.

"We are looking at activating the JV within the coming weeks. The CEO has been chosen, we're forming the board," said Bahri Vice Chairman Mohammed Abdulaziz AlSarhan, speaking on the sidelines of a launch event for the partnership in Riyadh.

BahriBollore Logistics, 60 percent owned by Bahri and based in Riyadh, will expand the shipper's cargo business from port-to-port deliveries into more extensive door-to-door logistics.

There was "urgent need" for the expansion because of Bahri's role as the exclusive carrier for the Saudi Electricity Company and the Saudi Ministry of Defence, making it responsible for shipping all of the kingdom's weapons purchases, said AlSarhan.

"These two entities need door-to-door service," he said.

A second joint venture with U.S. grains trader Bunge, which will pool the two companies' ships to expand ocean freight shipments, had acquired offices in Dubai and would start operations "almost as we speak," said AlSarhan.

Bahri, 22 percent-owned by Saudi sovereign wealth fund the Public Investment Fund (PIF) and 20 percent by state oil giant Aramco, transports crude oil, chemicals and dry bulk, and also offers ship management services.

In 2014 it merged with the former shipping arm of Aramco, Vela Marine International.


Reuters

Bahri showcases maritime capabilities during Saudi National Day celebration

27/09/2018

BAHRI, a global leader in logistics and transportation, celebrated Saudi Arabia’s 88th National Day with its participation at an event hosted by the Consulate of the Kingdom of Saudi Arabia in Mumbai

Saudi Gazette

Bahri concludes first edition of ‘SAIFI’ program

07/08/2018

Bahri, a global leader in logistics and transportation, has successfully completed the first edition of ‘SAIFI’, a summer training program for undergraduate students in the Kingdom, launched jointly

Saudi Gazette

Saudi’s Bahri reports 20% profit rise on fleet expansion

29/07/2018

National Shipping Company of Saudi Arabia, or Bahri - one of the world's biggest operators of large oil vessels - posted a 20 per cent year-on-year rise in net profit for the second quarter of 2018,

The National

Ticker Price Volume
QNBK 188.00 206,008
APPC 46.05 631,137
SABIC 123.20 3,755,595
YANSAB 64.00 775,609
SIECO 122.20 126,091
SAICO 10.38 422,162
SARCO 36.45 264,746
BAHRI Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
PETRORABIGH 20.18 0.98 (5.10%)
DANA 1.16 0.00 (0.00%)
TAQA 1.15 0.00 (0.00%)
ADNOCDIST 2.20 -0.05 (-2.23%)
ALDREES 28.30 0.90 (3.28%)
National Bank of Bahrain seeks to buy shares in rival

23/10/2018

National Bank of Bahrain (NBB) is weighing an acquisition of shares in Bahrain Islamic Bank (BISB), the company said in a disclosure on Monday. The lender is “considering making a potential voluntary

Gulf News

Bank Muscat celebrates al Mazyona salary prize draw

23/10/2018

Bank Muscat, the flagship financial services provider in the Sultanate, in step with its vision ‘To serve you better, everyday’ and commitment to partnership in promoting a strong savings culture Oma

Oman Daily Observer

BoS posts 13 per cent increase in net profit

23/10/2018

The Bank of Sharjah (BoS) has announced the results for the period ended September 30, 2018. According to results, net profit for the quarter reached Dhs301 million, registering a 13 per cent increas

The Gulf Today

Nakheel breaks ground on Dragon City twin tower project

23/10/2018

UAE master developer Nakheel today (October 22) broke ground on its Dh713 million ($194 million) twin-building project located within the Dragon City mixed-use community in Dubai.

The grou

Trade Arabia

FAB posts 16pc surge in Q3 net profit to $816m

23/10/2018

First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has reported third quarter earnings at Dh3 billion ($816 million), up 16 per cent

Trade Arabia