Saudi Bahri Charters Supertankers as Freight Rates Hit 4-Year High

Saudi Arabia's national shipping carrier, Bahri, has reportedly chartered at least five Very Large Crude Carriers (VLCCs) to transport crude oil to Asian markets. This move comes as daily freight rates on the critical Middle East-to-China route surged past $200,000, marking the highest levels seen since 2020. Each of these supertankers is capable of transporting approximately 2 million barrels of crude oil, ensuring Saudi Arabia meets its export commitments. The aggressive chartering strategy highlights the urgency for major exporters to secure maritime capacity despite skyrocketing logistics costs. Analysts suggest that the spike in tanker rates reflects a tightening maritime logistics sector, which could increase the landed price of crude oil globally. For Bahri (TADAWUL: 4030), the high-demand environment underscores its pivotal role in global energy security.