The National Shipping Company of Saudi Arabia (Bahri) announced its official entry into the offshore support vessel (OSV) market through a newbuilding program. This marks another major investment by the company following its substantial investments in the bulk carrier and tanker sectors.
In accordance with Bahri’s latest third-quarter financial report, the company has placed two orders with an undisclosed international shipyard: two offshore support vessels (OSVs) scheduled for delivery in the second half of 2026; and two ro-ro container vessels with a total construction cost of approximately $202 million, scheduled for delivery in 2029.
Bahri stated that this OSV order marks the company’s official entry into the offshore support sector, where it will provide services to offshore oil and gas platforms and engineering projects. This move aligns with its strategic objective of diversifying business operations into adjacent sectors.
Prior to the announcement of the four new Type 2 vessels, Bahri had already contracted with local joint venture shipbuilder International Maritime Industries (IMI) for six crane-equipped Ultramax bulk carriers. This project marks both a milestone in its fleet expansion and Saudi Arabia’s first major shipbuilding initiative, with a contract value also exceeding $200 million.
According to reports, the six new vessels will complement Bahri Dry Bulk’s existing four Ultramax bulk carriers, helping the company enter the niche market of ultra-large handysize vessels suitable for loading cranes and emerging routes.
Beyond the bulk carrier market, Bahri invested $1 billion in 2024 to acquire nine VLCCs from Capital Maritime and Trading, led by Evangelos Marinakis. The final vessel in this series was delivered in the third quarter of 2025, expanding its tanker fleet to 50 VLCCs.
With the delivery of new vessels, Bahri’s owned and operated fleet reached 117 vessels by the end of the third quarter of 2025, an increase from 104 vessels during the same period last year.
Additionally, according to Bahri’s earnings report, the company achieved a net profit of $387 million in the first nine months of 2025. With improved third-quarter performance, the year-to-date year-over-year decline narrowed to 14%, compared to a 21% year-over-year decrease in the first half of 2025.
Regarding this, a Bahri spokesperson stated: “In the third quarter, our company’s crude oil transportation business demonstrated robust performance, meeting increased demand through the expansion of its owned fleet. Other shipping operations also showed resilience amid volatile markets, implementing proactive measures, while the logistics business continued advancing its commercialization process.”