2012 was a breakthrough year for Bahri as it reached definitive terms with Saudi Aramco on the merger of fleet and operations with Aramco shipping subsidiary Vela International Marine Limited enabling Bahri to become the exclusive provider of VLCC crude oil shipping services to Saudi Aramco for crude oil sold by Saudi Aramco on a delivered basis.
The completion of a full corporate rebranding in 2012 also cemented Bahri's transformation from a strong service provider into a powerful, international brand.
Amongst the presentation highlights were:
• Bahri's merges with Vela (SAR4.9bn) making it the thirdlargest owner of VLCCs globally and the exclusive provider of VLCCcrude shipping services to Saudi Aramco for crude oil sold by Saudi Aramco on a delivered basis.
• Bahri will be implementing system, procedure and practice improvements to facilitate automation of shipping.
• Bahri will continue to focus on synergy trade routes and customers that optimize earnings from Aramco's crude oil transportation contracts, and will optimize in and out spot voyage charter opportunities.
• Bahri effectively reacted to the impact of the economic crisis on its business through its shipping diversified operations. Bahri will aim to increase its market presence with GCC producers and focus specifically on KSA exporters, and will continue to evaluate entry into chemicals terminal business.
• Bahri has invested over SAR1.5bn in building six new RoCon ships, the first ship was delivered on 5thFebruary 2013, while the remaining are expected to be delivered in 2013-14, and will effectively market the capabilities of the new vessels entering service.
• Demand for dry-bulk continues to grow, despite downturn in major global economies in Europe and USA; 2013 is expected to be another record year for bulk carrier new-building deliveries. Bahri will utilize the proper opportunities to grow its dry bulk fleet to match Saudi Arabia's increasing demand on grain and to ship some of Saudi Arabia's exports.
Mr. Saleh Al-Jasser and Bahri's executive team thanked participating banks for their continuous support. Mr. Saleh Al-Jasser commented: "We are pleased to once again host this important forum which offers Bahri a unique opportunity to maintain an open dialogue with our valued lenders.
Bahri has long been known for its transparency and we continue to believe that it is a pillar of our growth and development. Sharing our progress, challenges and opportunities with our lenders is crucial and will only serve to reaffirm Bahri's reputation for excellence in every dimension of our business."
Following the corporate presentation, attendees were offered the opportunity to participate in a question and answer session.
Currently, Bahri is one of the world's largest and diverse shipping companies, committed to driving excellence in global logistics services. Bahri has expanded and diversified greatly to include business sectors that span across Oil& Gas, Chemicals, General Cargo, Dry Bulk and Ship Management, all tethered together by a full range of support services including HR, finance,technology and quality to ensure safety, security and consistency across all of Bahri's operations around the globe.