National Shipping Company Of Saudi Arabia (Bahri) [4030.SE] posted a 4Q2015 net income of SAR567 million, growing nearly fivefold Y-o-Y (+360%, +240% Q-o-Q) on the back of i) growth in total fleet through the merger of Vela Marine International in addition to receiving a number of VLCCs and product tankers throughout 2015 (year-end fleet of 75 vessels, 33 VLCCs and 26 chemical tankers); two VLCC’s were added during 4Q15 alone; ii) increase in average Time Charter Equivalent (TCE) rate in crude oil transportation; iii) increase in top-line revenue due to enhanced operational and commercial performance; iv) stronger contribution from the general cargo transportation sector; v) higher profits from Petredec Limited (30.3%-owned by Bahri). Gross profit and operating profit  doubled Y-o-Y (+183% and +202%, respectively). (Tadawul)