Saudi oil tanker operator Bahri reported first quarter revenues that fell 1% on a year earlier but were 17% better than the previous quarter. That represented a mixture of higher volumes, on fleet expansion, as well as higher rates. Bahri may have done a better job of capturing the 7% increase in rates in the first quarter vs. the fourth than its peers. Revenues at Euronav increased 12% and fell 43% at Nakilat. The tanker/bulker sector is still likely to underperform the rest of the shipping sector though with revenues set to fall 4% in the quarter according to Panjiva analysis.