Latest news with #MarineServices
Mid East Info
08-05-2025
- Business
- Mid East Info
BAHRI REPORTS FIRST QUARTER 2025 RESULTS WITH 18% NET PROFIT GROWTH - Middle East Business News and Information
Q1 2025 EBITDA of SAR 1.20 billion (+14% YoY) and net profit of SAR 533 million (+18% YoY), reflecting resilience across its core shipping businesses amid prevailing market headwinds, and supported by a profit turnaround in Integrated Logistics, new earnings from Marine Services, and increased contributions from associates. Continued fleet expansion and modernization program with seven vessels added, bringing the owned fleet to the 100-vessel milestone. Net debt-to-EBITDA of 1.85x, supported by sustained profitability and a resilient balance sheet. Riyadh, Kingdom of Saudi Arabia – May 2025: The National Shipping Company of Saudi Arabia ('Bahri' or the 'Company', 4030 on the Saudi Exchange), the Kingdom's leading shipping and logistics provider, announced its financial results for the first quarter of 2025 reporting an 18% increase in net profit to SAR 533 million, compared to the same period in 2024, primarily driven by margin expansion offsetting lower revenues in its oil transport business, continued resilience of its chemicals and dry bulk shipping segments amid prevailing market headwinds, a turnaround to profitability of its integrated logistics business, additional earnings from its new desalination barges, and increased contributions from associated companies. Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, commented: 'Our first quarter results highlight the resilience of Bahri's diversified business portfolio, as we achieved strong earnings growth despite challenging market conditions. Our Oil and Dry Bulk businesses delivered positive EBITDA growth, while optimization efforts in our Chemicals business partly mitigated the impact of market normalization. Likewise, profitability improvements in our Integrated Logistics business, along with strong earnings contributions from our affiliate Petredec Group, validated the effectiveness of our strategy to expand beyond our core shipping businesses and unlock value in complementary sectors. Furthermore, we are scaling up our new desalination business in the Kingdom, and expanded our global presence with the opening of our Singapore office, bringing us closer to our Asia-Pacific customers. During the first quarter, we had a net addition of four modern vessels to our operating fleet, while three other vessels were added soon after quarter-end, bringing our fleet to the 100-vessel mark. Our disciplined approach to fleet expansion and modernization ensures we remain well-positioned to act decisively in the vessel market as attractive opportunities arise. In the face of ongoing global trade and economic uncertainty, Bahri's diversified platform and operational agility continue to underpin our resilience. We are firmly focused on delivering value-accretive growth for our shareholders while playing a central role in transforming the Kingdom's shipping and logistics sector in support of Vision 2030.'
Hi Dubai
18-04-2025
- Business
- Hi Dubai
DP World Unveils Eco-Friendly Vessel at Jebel Ali Port
DP World has officially welcomed the latest addition to its Marine Services fleet, the DP World Jebel Ali, marking its maiden call at its namesake, Jebel Ali Port. The DP World Jebel Ali is a Sapphire 5300 compact gearless container vessel, equipped with advanced maritime technologies aimed at improving cargo handling efficiency, reducing operational costs, and supporting a more sustainable shipping industry. Its compact design allows greater manoeuvrability, making it ideal for accessing smaller ports and inland terminals — a move that opens up new opportunities for expanding regional and global supply chains. To commemorate the vessel's inaugural call, senior executives from DP World and Unifeeder hosted a special reception at Jebel Ali Port, highlighting the port's continued importance in facilitating global trade. The vessel will be deployed on Unifeeder's Asian Gulf ISC Service (AGI), further boosting the network's connectivity. Designed with sustainability in mind, the DP World Jebel Ali is expected to save approximately 1,700 metric tonnes of bunker fuel annually, resulting in a 15–20% reduction in carbon emissions on its designated routes. Ganesh Raj, Global Chief Operating Officer of Marine Services at DP World, noted, 'The addition of the DP World Jebel Ali to our fleet strengthens our commitment to providing agile, efficient services that deliver value to our customers. This state-of-the-art vessel will help reduce our environmental impact while enhancing our network, which plays a critical role in regional and global supply chains.' News Source: Emirates News Agency
Trade Arabia
18-04-2025
- Business
- Trade Arabia
DP World's latest vessel makes maiden call at Jebel Ali Port
DP World has welcomed the latest addition to its Marine Services fleet, with the DP World Jebel Ali making its maiden call at its namesake, Jebel Ali Port. DP World Jebel Ali is a Sapphire 5300 compact gearless container vessel with cutting-edge maritime technologies designed to enhance cargo handling efficiency, reduce operational costs and contribute to a more sustainable maritime industry. To commemorate the maiden call, DP World and Unifeeder senior management hosted a special reception at Jebel Ali Port, underscoring the port's pivotal role in global supply chains, said DP World in a statement. DP World Jebel Ali will be integrated into Unifeeder's Asian Gulf ISC Service (AGI). The vessel's compact design allows for greater manoeuvrability and access to smaller ports, including inland terminals, opening new opportunities to expand supply chain networks. The vessel is expected to save approximately 1,700 metric tonnes of bunker fuel annually, leading to 15 to 20 percent reduction in carbon emissions for its intended routes, it stated. Ganesh Raj, Global Chief Operating Officer of Marine Services, said: "The addition of the DP World Jebel Ali to our fleet strengthens our commitment to providing agile, efficient services that deliver value to our customers."
