The National Shipping Company of Saudi Arabia (Bahri)

Pages 57
Tables 30
Charts 15
Price $100

• Bahri was established in 1978 and began shipping operations in 1981, with a fleet of two multipurpose vessels which by the end of 1983 increase.....


• Bahri was established in 1978 and began shipping operations in 1981, with a fleet of two multipurpose vessels which by the end of 1983 increased to six vessels. 
• Around 28.19% is owned by Public Investment Fund (PIF) and rest 71.1% is owned by others. 
• Bahri’s business lines can be divided into five categories namely, Transportation of Crude Oil, transportation of Chemicals, Transportation of General Cargo, transportation of Dry Bulk & Ship Management 
• Presently, Bahri Oil Transportation manages a total of 31 VLCCs, one floating storage VLCC, four MRs and one Aframax. 
• The chemical transportation business is carried out by National Chemical Carriers Ltd (NCC), established by Bahri and SABIC as a joint venture. 
• Bahri’s Income has grown at CAGR of 15% over the 2010 to 2014 periods. • Bahri in December 2014 completed the merger Vela.


Table of contents
1.             Executive Summary           5
2.             Business Overview              8
               Overview               8
                Porter five force analysis   16
                STEEPLED analysis           19
3.             Financial Overview             27
                Revenue                27
                Key Financial Ratios          29
                Capital Expenditure            30
                Debt/Equity Ratio (D/E)    30
                Return on Equity (ROE) and Return on Asset (ROA)  31
               CFO-to-Sales        31
               Earnings Quality (EQ)         32
4.             Projections            34
5.             Peer Analysis        37
               Regional Peers      37
               Global Peers          40
6.            Share Market Overview     41
               Dividend                43
               Risk Metrics          44
               Liquidity                45
               Analyst Calls        45
7.            Appendix              46
               Sector Overview   48

Tables & Charts

1.1    Summary
1.2    Business View 
1.3    Financial View (Long-Term)
2.1    Performance Indicators
2.2    Number of Voyages performed by VLCCs during 2013 compared t0 2012
2.3    Oil Transportation Voyages During 2013
2.4    Voyages Performed by NCC carriers - 2013 and 2012
2.5    Volume Transported by NCC Tankers - 2013 and 2012
2.6    Specifications of Dry Bulk Carriers Delivered and Under Construction
2.7    Summary of Porter’s Five Forces analysis:
2.8    Summary of STEEPLED analysis
2.9    SWOT analysis
3.1    Financial Ratios
3.2    Earnings Quality across time periods
3.3    Earnings Quality Components (Period End: Mar 2015)
4.1    Projections for Income Statement, Balance Sheet
4.2    Business Segment wise revenue projections
5.1    Regional Peer Overview
5.2    Peer comparison based on size, P/E and dividends
5.3    Peer comparison based on returns and margins (2013)
5.4    Peer comparison based on Balance Sheet strength (2013)
5.5    Rankings of Closest Global Peers based on Market Cap
6.1    Returns of Bahri vs. Tadawul index
6.2    Bahri Dividends, 2010-14
6.3    Risk Metrics
6.4    Liquidity Metrics
6.5    Analyst Calls
7.1    Projections for Income Statement, Balance Sheet
7.2    Board of Directors and Executive Management
7.3    Board Compensation

2.1    Key Milestones
2.2    Bahri Group Structure
2.3    Bahri: Business Lines
3.1    Total Sales 2010-14 (USD Mn)
3.2    Bahri: Segment wise Revenue (USD Mn)
3.3    Bahri CAPEX, USD Millions and Capex/Sales ratio (2010-14)
3.4    Bahri D/E Ratio, (2010-14)
3.5    ROE & ROA, (2010-14)
3.6    Cash Flow from Operations (in USD mn) and CFO-to-Sales ratio, 2010-14
6.1    Bahri vs. Tadawul All Share Index, Rebased 2010 to 28th Feb, 2015
6.2    Bahri Volume traded (in mn) vs. Price
6.3    Risk vs. Return: Bahri, Peers and Tadawul Index, 2010-14
7.1    Baltic Dry index (BADI)
7.2    Baltic Dirty Tanker Index (BADI)
7.3    Baltic Clean Tanker Index (BAIT)

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The National Shipping Company of Saudi Arabia (Bahri)

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