U.S. Military Coordinates With Saudi Oil Tankers on Risky Hormuz Crossings
Résumé détaillé
Saudi Arabia’s shipping giant Bahri has been sending oil tankers through the Strait of Hormuz in coordination with the U.S. military, Khalid Alhammad, president of Bahri Ship…
U.S. Military Coordinates With Saudi Oil Tankers on Risky Hormuz Crossings
What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,…
Saudi Arabia’s shipping giant Bahri has been sending oil tankers through the Strait of Hormuz in coordination with the U.S. military, Khalid Alhammad, president of Bahri Ship Management, said on Tuesday.
Saudi Arabia, while boosting loadings and exports out of its Red Sea port of Yanbu, is also looking to raise shipments from within the Persian Gulf through the Strait of Hormuz.
The Saudi firm is working at the government level with the United States to support Hormuz transits, Alhammad said at a Dubai event, as carried by Bloomberg.
Bahri and many other shippers have no choice but to brave the Strait of Hormuz and attempt to move oil to customers, according to the executive.
Bahri last month reported a tenfold jump in net profit for the third quarter from a year earlier, amid surging tanker rates in the oil and shipping crisis. Compared to the second quarter, Bahri’s profit surged by 85%, the results showed, as the prolonged disruption at the Strait of Hormuz drove oil tanker rates to record highs at the end of the third quarter.
Bahri, whose tankers export most of Saudi Arabia’s crude oil, saw its revenues rise across all business units, but the Bahri Oil unit outperformed all with a revenue jump of $3.2 billion (12 billion riyals) in the third quarter compared to the same quarter last year.
Compared to the previous quarter, revenues at the Bahri Oil business unit jumped by $2.3 billion (8.6 billion riyals).
Début de l'article, extrait de OilPrice.com. Pour lire la suite, ouvrez l'article chez le média.
MarketNews présente le titre et le résumé publiés par le média. L'article complet se lit sur le site de l'éditeur. (oilprice.com)
