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 Announces that it received a Very Large Crude Carrier

23/01/2018

Bahri announces that it has received On Monday 22 January 2018 G a new VLCC that was named (Kassab). The newly received VLCC is one of the 5 VLCCs that were financed by Standard Chartered Bank, Arab

Tadawul

Bahri gets $96m funding for 4 new bulk carriers

11/01/2018

Bahri Dry Bulk, a business unit of global logistics leader Bahri, has secured a Sharia-compliant funding of SR360 million ($96 million) from Saudi Arabia-based Bank Albilad to finance the purchase of

Trade Arabia

Bahri announces its intention to sell part of its stake in Petredec

12/11/2017

The National Shipping Company of Saudi Arabia (Bahri) announces the commencement of the process to sell part of its 30.3% stake in Petredec Limited, a company based in Bermuda specialized in transpor

Tadawul

Ticker Price Volume
QNBK 127.00 43,799
TECO 33.36 470,532
SABIC 104.61 3,002,041
JAZIRATKFL 24.80 137,948
BURUJ 35.17 343,045
WALAA 34.01 268,263
TAWUNIYA 72.97 413,634
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 23.55 0.37 (1.59%)
DANA 0.73 -0.01 (-1.36%)
TAQA 0.76 -0.02 (-2.57%)
ALDREES 25.34 0.05 (0.19%)
SARCO 35.37 3.15 (9.77%)
Saudi Arabia’s Samba, Alawwal underline banking upturn

22/02/2018

Saudi Arabian banks showed more evidence of improving results on Wednesday with stronger fourth-quarter performances from two of the kingdom’s larger lenders.

Of the seven main Saudi banks

Arab News

UAE’s AI Minister Visits ADNOC’s Artificial Intelligence and Big Data Centers

22/02/2018

UAE Minister of State for Artificial Intelligence, H.E. Omar bin Sultan Al Olama has visited the Abu Dhabi National Oil Company’s (ADNOC) Panorama Digital Command Center and Thammama Subsurface Colla

Press Release

Full telecoms competition in the UAE inches closer after du launches nationwide TV service

22/02/2018

Du has announced the availability of limited home internet and TV packages across the UAE, marking the beginning of full competition in the UAE’s telecoms space 11 years after the second operator fir

The National

Ooredoo wins ‘Digital Service Assurance Innovator of the Year’ award

22/02/2018

Ooredoo has won the ‘Digital Service Assurance Innovator of the Year’ award for the Middle East and North Africa region by global digital software leader BMC Software, highlighting Qatar Data Centre’

Gulf Times

QIB gets approval to renew Sukuk programme

22/02/2018

QIB’s annual general assembly has approved the bank’s board of directors’ recommendation to renew, and also to increase, the bank’s Sukuk programme. The leading Islamic lenders’ AGM, met here yesterd

The Peninsula