Profit of Saudi Arabia’s National Shipping Company in the third quarter of this year surged 10-fold compared to the same period last year to 1.36 billion dollars.

The company’s revenue has also grown by more than 3.5 times and reached seven billion dollars, of which 4 billion dollars relates to the revenue of one of its subsidiaries, the Saudi Arabian Oil Tanker Company. The revenue of the Saudi Arabian Oil Tanker Company, which owns 109 oil tankers, shows a 504% increase.

The reason for this significant rise is the sharp increase in oil tanker charter rates in the waters of southern Iran, which has risen sharply due to the Islamic Republic’s attacks on vessels.

Over the past months, Saudi Arabia’s tanker fleet has also helped with the export of oil from other countries in the region, especially Iraq and Kuwait.

According to estimates by oil tanker tracking companies, Saudi oil exports have reached 7.3 million barrels per day, which is equivalent to the level before the war, and total Middle East oil exports have also been revived.