BahriBunge Dry Bulk of­fice in­au­gu­rated in Dubai

Arab News - - CORPORATE PR -

Bahri, a global leader in trans­porta­tion and lo­gis­tics, and Konin­kli­jke Bunge B.V. (Bunge), a wholly owned sub­sidiary of Bunge Lim­ited, a global agribusi­ness and food com­pany, re­cently in­au­gu­rated the of­fices of BahriBunge Dry Bulk Ltd. in Dubai, UAE.

The in­au­gu­ra­tion fol­lowed the an­nounce­ment of a joint ven­ture agree­ment between the two com­pa­nies.

The com­pany’s new logo was un­veiled at a cer­e­mony hosted by Ab­dul­rah­man M. Al-Mo­fadhi, chair­man of Bahri, at Burj Al-Arab, Dubai. The event was at­tended by sev­eral Bahri board mem­bers, top in­dus­try ex­ec­u­tives, rep­re­sen­ta­tives from Bunge, heads of Bahri’s busi­ness units, and a num­ber of of­fi­cials rep­re­sent­ing ma­jor multi­na­tional com­pa­nies.

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 per­cent of the shares in the ven­ture and Bunge will own the re­main­ing 40 per­cent.

The joint ven­ture, which is fi­nanced pro rata by Bahri Dry Bulk and Bunge, will char­ter and com­mer­cially op­er­ate Supra­max and/or Pana­max ini­tially from the fleet cur­rently owned or man­aged by Bahri Dry Bulk, and sub­se­quently from third par­ties. The new com­pany plans to ship over five mil­lion met­ric tons of dry bulk com­modi­ties in its first year of op­er­a­tion.

Bahri Chair­man Al-Mo­fadhi said: “The launch of BahriBunge Dry Bulk joint ven­ture marks an im­por­tant mile­stone for our com­pany. Bahri’s in­valu­able in­sights of the Mid­dle East mar­kets along with Bunge’s dy­nam­ics of the freight in­dus­try glob­ally will help BahriBunge Dry Bulk Ltd. emerge as a re­li­able and ro­bust car­rier es­pe­cially for the trade of grains and other agri­cul­tural com­modi­ties. I am con­fi­dent that this new joint ven­ture is formed in the right di­rec­tion to achieve Saudi Vi­sion 2030 and strengthen our com­mit­ment to­ward har­ness­ing ex­ist­ing re­la­tions and forging new ones.”

Nezar Ban­abeela, chair­man of BahriBunge Dry Bulk Ltd., said: “I con­grat­u­late both Bahri Dry Bulk and Bunge of­fices on this strate­gic al­liance. Launch­ing BahriBunge Dry Bulk Ltd. and adding state-of-the-art ves­sels to the ex­ist­ing fleet will go a long way in stream­lin­ing the flow of dry bulk in the re­gion and also con­trib­ute tremen­dously in ex­e­cut­ing trade in a seam­less and ef­fi­cient man­ner.”

The com­pany’s new logo was un­veiled at a cer­e­mony hosted by Ab­dul­rah­man M. Al-Mo­fadhi, chair­man of Bahri, at Burj Al-Arab, Dubai.

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