The venture, headquartered in Dubai, is owned 60% by Bahri Dry Bulk and 40% by Bunge aims to ship 5m tonnes in its first year of operation.
At a celebration for the opening of the Dubai office held at Burj Al Arab the logo of BahriBunge Dry Bulk was also unveiled.
The company will charter and operate supramax and/or panamax bulkers initially from the fleet owned or managed by Bahri Dry Bulk, and later from third parties. BahriBunge Dry Bulk aims to increase it volumes to double-digit millions per year over time.
The two companies believe they will be able to combine their specific areas of expertise in the joint venture.
“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,” said Abdulrahman M. Al-Mofadhi, chairman of Bahri.
Nezar Banabeela, chairman of BahriBunge Dry Bulk said, “Launching BahriBunge Dry Bulk 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.
“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.”