Following the announcement of the joint venture agreement by 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, the two companies recently inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, United Arab Emirates (UAE). In celebration of the occasion and revealing of the new company's logo, Mr. Abdulrahman M. Al-Mofadhi, Chairman of Bahri hosted a special ceremony at Burj Al Arab in the presence of several Bahri board members, top industry high-level executives, representatives from Bunge, heads of Bahri's business units, in addition to a number of officials representing major multinational companies. With plans to ship over 5 million metric tons of dry bulk commodities in its first year, the new company will step up the import and export of dry bulk goods and ocean freight material in and out of the Middle East while strengthening the operations of Bahri Dry Bulk, a business unit within Bahri. ?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% of the shares in the venture and Bunge will own the remaining 40%. The joint venture, which is financed pro rata by Bahri Dry Bulk and Bunge, will charter and commercially operate SUPRAMAX and/or PANAMAX (and/or other suitably-sized dry bulk vessels) initially from the fleet currently owned or managed by Bahri Dry Bulk, and subsequently from third parties. Headquartered in Dubai, the new company plans to ship over five million metric tons of dry bulk commodities in its first year of operation, with aims to gradually increase operations for the volume figures to touch double-digits. 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." "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 to executing trade in a seamless and efficient manner. Bunge brings notable success in commodity trading and shipment of dry bulk, and its operational strength will be crucial in serving the growing demand for dry goods and reliable freight services in the region. This is also in line with the ever-growing appetite to boost our regional footprint and nurture relations with global companies," said Nezar Banabeela, Chairman of BahriBunge Dry Bulk Ltd.
