Bahri Dry Bulk, a global leader in transportation and logistics, and Koninklijke Bunge B.V., a wholly-owned subsidiary of Bunge Ltd, a global agribusiness and food company, recently inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, UAE.
Bahri and Bunge signed a joint venture agreement back in February to form BahriBunge.
In celebration of the occasion and reveal of the new company’s logo, Abdulrahman M. Al-Mofadhi, Chairman of Bahri hosted a special ceremony at Burj Al Arab in the presence of several Bahri board members, top industry high-level executives, representatives from Bunge, heads of Bahri’s business units, in addition to a number of officials representing major multinational companies.
With plans to ship over 5 million t 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, a business unit within 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. As part of the agreement, 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 and/or panamax (and/or other suitably-sized dry bulk vessels) initially from the fleet currently owned or managed by Bahri Dry Bulk, and subsequently from third parties.
Read the article online at: https://www.drybulkmagazine.com/shipping/06102017/bahribunge-dry-bulk-office-inaugurated-in-dubai/