Saudi Arabia is increasing loadings and exports from Yanbu on the Red Sea while also seeking to raise shipments from the Persian Gulf through Hormuz. Alhammad said Bahri and other shippers have little choice but to attempt the risky crossings. “We have to keep moving the energy,” he said.

The disruption around the strait has coincided with a sharp increase in tanker rates and Bahri’s earnings. Last month, the company reported that third-quarter net profit was ten times higher than a year earlier and 85% above the second quarter. Rates reached record highs toward the end of the quarter, according to the results.

Bahri, whose tankers carry most of Saudi Arabia’s crude oil exports, recorded revenue growth across all business units. Revenue at Bahri Oil rose by $3.2 billion (12 billion riyals) year over year in the third quarter and by $2.3 billion (8.6 billion riyals) from the previous quarter. The company attributed the increase mainly to higher operational activity and global freight rates.

Several Bahri vessels were affected by security incidents during the quarter, including attacks that killed two crew members, CEO Ahmed Ali Al Subaey said in comments accompanying the earnings release. He called the events a reminder of the conditions faced by seafarers and the company’s responsibility to protect them.