RIYADH: Saudi Arabia’s National Shipping Co., known as Bahri, has awarded a contract to Riyadh-based Haif Co. as it sets up a SR413 million ($110 million) grain project.
The joint venture, National Grain Co., is expected to be completed during the second half of 2023, the company said.
A month earlier, Bahri reported an 88 percent drop in 2021 profit to SR192 million, as a fall in global shipping rates weighed on its revenues.
Established in 1978, Bahri owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.
Saudi Aramco and the Public Investment Fund own around 42 percent of its shares.
