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Bahri and Bunge to form joint venture

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Dry Bulk,

Bahri Dry Bulk Co., a subsidiary of the Bahri Group, and Koninklijke Bunge B.V., a wholly-owned subsidiary of Bunge Ltd, have announced they have signed definitive agreements forming a joint venture to establish a ocean freight supplier for dry bulk import and export flows in and out of the Middle East region.

The JV will operate under the name Bunge Bahri Dry Bulk Ltd and will provide exclusive freight transportation services to regional and other international customers. The company plans to ship over 5 million metric t in year one. BDB and Bunge will own 60/40% of the JV respectively, and it will be registered and based in Dubai. Financial terms of the agreements were not disclosed.

"Bunge is excited to partner with BDB to strengthen our presence in the Middle East," stated Brian Thomsen, Managing Director, Bunge Global Agribusiness and CEO, Bunge Product Lines. "We expect the JV to become a carrier of choice for customers importing grains and other agricultural commodities in the Middle East, as well as for dry bulk exports outside of the region. The JV combines Bunge's expertise in providing freight services and risk management with BDB's unique knowledge of Middle Eastern customers and their needs to address growing demand in the region."

"This JV is one of BDB's strategic initiatives to reduce complexity for our customers along the value chain. Working with a leading global player in commodity trading brings the necessary commercial and market intelligence to dry bulk supply and demand fundamentals, and Bunge brings crucial expertise and scale to the table," commented Ibrahim Al-Omar, Chief Executive Officer, Bahri. "Their global presence in commodity flows and knowledge of the freight market, coupled with our maritime expertise and strategic position in the region, creates a powerful alliance to meet growing demand for freight services within the Middle East."

The JV, which will be financed pro rata by BDB and Bunge, will charter and commercially operate SUPRAMAX and/or PANAMAX, initially from the fleet currently owned or managed by BDB and subsequently from third parties.

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