Bahri, Bunge Launch Dry Bulk Joint Venture in Dubai

National Shipping Company of Saudi Arabia (Bahri) and the Dutch firm Koninklijke Bunge B.V. (Bunge) have launched its joint venture BahriBunge Dry Bulk Ltd. with the inauguration of the JV’s offices in Dubai, UAE.

The move comes on the back of a joint venture agreement signed between Bunge and Bahri Dry Bulk Company (BDB), a subsidiary of Bahri, in February 2017 when the companies agreed to charter vessels for dry bulk shipping.

With plans to ship over 5 million metric tons of dry bulk commodities in its first year, the new company will step up the import and export of dry bulk goods and ocean freight material in and out of the Middle East while strengthening the operations of Bahri Dry Bulk, according to Bahri.

‎”BahriBunge Dry Bulk Ltd. and the vessels chartered under its domain will provide exclusive freight transportation services to international customers, with a key focus on mobility of freight in the Middle East,” the company said.

As part of the deal, Bahri Dry Bulk will own 60% of the shares in the venture and Bunge will own the remaining 40%.

The joint venture, which is financed pro rata by Bahri Dry Bulk and Bunge, will charter and commercially operate Supramax, Panamax and other suitably-sized dry bulk vessels initially from the fleet currently owned or managed by Bahri Dry Bulk, and subsequently from third parties.

Headquartered in Dubai, the new company aims to gradually increase operations for the volume figures to touch double-digits.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

5th Mozambique Gas Summit & Exhibition

CWC Group in partnership with ENH and with the support and participation from MIREME and INP…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Offshore Energy Exhibition & Conference (OEEC)

It is unique in bringing together the oil and gas, offshore wind and marine energy industry…

read more >

Seatrade Maritime Middle East

The three days will include a thought-provoking, educational conference programme…

read more >