The National Shipping Company of Saudi Arabia (Bahri) announced in a report that in the third quarter of 2026, the company's net profit increased to 5.1 billion riyals (equivalent to 1.4 billion dollars), which is a tenfold growth compared to 513 million riyals last year. This significant increase is due to rising transportation rates and the chartering level in the company's oil unit.
The Impact of the War in Iran on the Maritime Transport Industry
At the end of February, U.S. and Israeli attacks on Iran led to the onset of a regional war that resulted in the blockage of the Strait of Hormuz, a critical point at the mouth of the Persian Gulf. In recent months, attacks on oil tankers passing through this key waterway have not prevented the increase in oil flow from the Persian Gulf. According to Ahmed Al-Sobai, CEO of Bahri, several of the company's ships were targeted during this period, and two of the company's sailors lost their lives in these incidents. He also referred to the complex operational conditions in this war.
Bahri's Role in Saudi Oil Exports
Bahri, known as the National Shipping Company of Saudi Arabia, plays a key role in assisting the state oil producer Saudi Aramco in increasing crude oil exports from the Strait of Hormuz. Aramco is seeking to regain its market share by supplying oil to primarily Chinese buyers through ship-to-ship transfers outside the Strait of Hormuz, after its East-West pipeline was attacked and temporarily taken out of service.
Overall, oil exports from the Persian Gulf have returned to levels close to pre-war, while more regional producers are sending oil shipments using military-protected convoys and turning off positioning signals to avoid detection.
October is recognized as the worst recorded month for attacks on commercial vessels in the Strait of Hormuz, and it has been reported that oil has now reached the shores of the United Arab Emirates. Two new maritime security warnings recently issued refer to ongoing dangers for commercial shipping in the Middle East, and one oil tanker has been confirmed to have been damaged due to a strike in the Strait of Hormuz.
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