Bahri’s Tanker Fleet Growth Drives Record Results

February 9, 2026

Bahri posted record financial results in 2025, underpinned by a strengthening crude tanker market and a larger, younger owned fleet that increased exposure to improving rate conditions.

Full-year revenue reached $10.35 billion, up 9% year-on-year, while net profit climbed to a record $2.43 billion. Momentum accelerated in the second half of the year as VLCC markets tightened, supported by longer-haul crude trade flows and limited fleet growth across the global tanker sector. Fleet expansion was a central driver of performance. During 2025, Bahri added a nine VLCCs (net), allowing the company to capitalize on higher tanker equivalent rates and increased trading days. A greater share of owned tonnage lifted margins, with full-year EBITDA margin improving to 51%.

Fourth-quarter results highlighted the operating leverage of Bahri’s tanker-heavy portfolio. Q4 revenue rose 47% year-on-year to $3.26 billion, while net profit more than doubled to $978 million, driven primarily by the Oil business unit.

Looking beyond spot exposure, Bahri strengthened long-term demand visibility by renewing its crude oil COA with S-Oil for another 10 years and signing its first COA with Luberef. Capital expenditures totaled $4.25 billion, reflecting final payments for modern second-hand vessels and initial installments for newbuildings scheduled for delivery between 2026 and 2029.

With tanker fundamentals expected to remain supportive and additional new tonnage entering service in coming years, Bahri appears well positioned to sustain earnings while continuing disciplined fleet renewal.

Fleet by the Numbers | Bahri (FY 2025)