BahriBunge Dry Bulk, a joint venture announced in February between Saudi shipowner Bahri and agribusiness giant Bunge, has officially launched in Dubai.
BahriBunge Dry Bulk will charter and commercially operate a fleet of supramax and panamax bulkers, and plans to ship over 5m metric tons of dry bulk commodities in its first year with its main focus on the Middle East.
Abdulrahman M. Al-Mofadhi, chairman of Bahri, 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 towards harnessing existing relations and forging new ones.”
Bahri’s dry bulk division Bahri Dry Bulk, a 60/40 joint venture between Bahri and Arabian Agricultural Services Company (ARASCO), will own 60% of the venture and Bunge 40%.