Developments in 2023

Bahri Oil in 2023 furthered its commitment to excellence by continuing to focus on the renewal of older tonnage. We inducted 2 new modern eco vessels as replacements for vessels divested in the prior year, contributing to fleet optimization and increased efficiency. Furthermore, consistent with Bahri’s overarching objective of maintaining a young and competitive fleet, we took advantage of the elevated asset value environment for older tonnage to strategically divest 2 older VLCCs and 3 MR vessels. This reduced the average age of our fleet by around 1.5 years and contributes to lower overall fleet emissions, ensuring the sustained provision of highquality services to our global client base.

Moreover, we installed scrubbers on 4 VLCCs, nearly tripling the proportion of scrubber-fitted ships. This initiative not only ensured compliance with international emissions standards but also reduced operational costs by allowing the use of more economical fuel.

During the year, Bahri Oil increased our market presence in terms of trade routes, with a higher focus on diversifying our client base, in turn improving fleet utilization. We expanded our trading operations to cover new destinations from the Arabian Gulf (AG), transporting cargos to Ulsan and Jieyang Crude Oil Terminal.