National Shipping Company of Saudi Arabia (Bahri) [4030.SE] posted 3Q16 net income of SAR318mn, dropping 38% Y-o-Y (-37% Q-o-Q), mostly on a 29% Y-o-Y drop in revenue reaching SAR1,356mn, which came on the back of i)  a general decline in transportation rates; and ii) a decline in average Time Charter Equivalent (TCE) rate for the crude oil transportation spot market. The company also noted that lower contribution from Petredec Limited (30.3%-owned by Bahri) was a driver behind the weaker earnings. Gross profit and operating profit came in at SAR256mn (-58% Y-o-Y, -55% Q-o-Q) and SAR230mn (-58% Y-o-Y, -57% Q-o-Q), respectively. (Tadawul)