Bahri entered the crude oil transpiration business in 1992 by purchasing five VLCCs which entered into service in 1996. The company acquired an additional four VLCCs in 2001 and formalized its crude oil transportation business in 2005 with the creation of a branch office in Dubai, UAE called Bahri Oil & Gas. During 2007 and 2008, Bahri placed additional orders for eight VLCCs, taking the total fleet to 17 vessels. Bahri oil has grown significantly over the years to become the company’s largest segment in terms of assets and operating revenues. With the completion of Vela’s fleet merger with Bahri in December 2014 and the addition of 3 VLCCs in 1Q16, the total fleet of Bahri oil stands at approximately 41 vessels (36 VLCCs and 5 tankers of refined oil products) as of March 2016. Of these, thirty five are operating in the spot market, while one tanker is chartered to ARAMCO Trading Company. Each of the VLCCs has a capacity of at least 2.2 million barrels and a dead weight tonnage of 300,000 tons. The VLCC fleet usually operates on both short and long period time charters and in the spot market. In 2014, the number of voyages performed by Bahri Oil totaled 180, with the spot market accounting for 177 and charters accounting for the remaining 3.