Riyadh – Mubasher: Alistithmar Capital initiated coverage of National Shipping Company of Saudi Arabia (Bahri), saying the company provides investment opportunities after completing the merger of its fleet with Vela operations which resulted in forming the world's third biggest fleet for crude transportation.
Bahri is expected to see compound annual growth rate (CAGR) of 30% between 2014-2018, backed by rising demand globally for crude as well as by the jump in the company's number of vessels.
By 2018, the company will have been delivered the ordered vessels and thus will become the world's biggest oil transportation firm, said Alistithmar capital.
Bahri will likely achieve 50% CAGR in operating income between 2014-2018, while net income is forecasted to soar by 232% by the end of 2015. Net income is expected grow by 49% CAGR till 2018.
