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Bunge and Bahri form dry bulk venture

Bunge and Bahri form dry bulk venture

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Agribusiness giant Bunge is teaming up with one of the Middle East’s largest shipowners, Bahri from Saudi Arabia, to form a new dry bulk venture.

The JV, which will operate under the name Bunge Bahri Dry Bulk, will provide exclusive freight transportation services to Middle Eastern and other international customers. The company plans to ship over 5m metric tons in year one, ramping up volume over time to double-digit figures.

Bahri and Bunge will own 60/40% of the JV respectively, and it will be registered and based in Dubai.

“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,” said Brian Thomsen, managing director of Bunge Global Agribusiness.

“[Bunge’s] 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,” said Bahri’s CEO Ibrahim Al-Omar.

The JV will charter and commercially operate supramaxes and panamaxes initially from the fleet currently owned or managed by Bahri and subsequently from third parties.

Best known as a tanker operator, Bahri’s dry bulk division is a 60/40 joint venture between Bahri and Arabian Agricultural Services Company (ARASCO). It registered a growth of over 300% in cargo volumes during 2016, and has laid out a goal to capture about 14m by 2020.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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