Bahri invests over US$200M in new ships, enters offshore vessel market

The company disclosed in its Q3 financial report that it has placed two orders with undisclosed international shipyards: one for two offshore support vessels (OSVs) and another for two roll-on roll-off container (rocon) vessels.

The OSV pair is valued at approximately US$5M, with deliveries scheduled in the second half of 2026, while the rocon contract is estimated at US$202M, with delivery planned for 2029.

“The OSV purchase will mark Bahri’s entry into the marine support segment, serving offshore oil and gas platforms and construction projects. This aligns with our strategic goal of pursuing business diversification into adjacent sectors,” Bahri said.

These orders follow Bahri’s agreement with International Maritime Industries, a domestic shipyard, to build six Ultramax bulk carriers, a milestone in both the company’s fleet expansion and Saudi Arabia’s first large-scale shipbuilding project. Signed on 1 October, the contract is valued at more than US$200M.

These new vessels will complement Bahri Dry Bulk’s four Ultramax carriers already in service, enabling expansion into niche markets and emerging trade routes suited for geared Ultramax vessels.

Last year, Bahri acquired nine VLCCs from Evangelos Marinakis-backed Capital Maritime and Trading for a total of US$1Bn. The last vessel of this series was delivered in Q3 2025, bringing the company’s oil fleet to 50 VLCCs.

Following these developments, Bahri’s owned and operated fleet stood at 117 vessels by the end of Q3 2025, up from 104 a year earlier.

Profitable course

Bahri reported a net profit of US$387M for the first nine months of 2025. Q3 performance improved the year-to-date decline to 14% year-on-year (y-o-y), compared with a 21% y-o-y decline in H1 2025.

“In the third quarter, our crude oil shipping business delivered strong performance, leveraging a larger owned fleet to meet increased demand,” said Bahri chief executive Ahmed Ali Al-Subaey.

“Our other shipping businesses also proved resilient through proactive measures in volatile markets, while our logistics operations continued their commercial ramp-up,” he added.