BahriBunge Dry Bulk office inaugurated in Dubai
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.