Bahri’s dry bulk unit forms joint venture with Bunge

The joint venture will ship dry bulk commodities to and from the Middle East region.    Bahri Dry Bulk Company (BDB), a subsidiary of the Bahri Group, has signed a joint venture agreement with Bunge Limited to supply dry bulk imports and exports via ocean freight in the Middle East region, according to press releases issued by Bahri and Bunge.
   Based in Dubai, the joint venture will operate under the name Bunge Bahri Dry Bulk Ltd., with BDB owning 60 percent and Bunge owning the remaining 40 percent. The joint venture, which will provide transportation services to regional and other international customers, plans to ship over 5 million metric tons in the first year.
   The joint venture will be financed pro rata by BDB and Bunge shareholders and will charter vessels used to ship dry bulk commodities.
   The agreement was signed under an initial term of five years with the expected start date beginning in the second quarter of 2017.
   Bahri Group, the national shipping arm of the Kingdom of Saudi Arabia, operates six business units including Oil, Chemicals, Logistics, Dry Bulk, Ship Management and Data.
   BDB, the dry bulk unit of Bahri, specializes in shipping grain, coal, barley and other dry bulk cargo, and is also based in Saudi Arabia.
   New York-based Bunge Limited is an agribusiness and food company specializing in buying, selling, storing and transporting oilseeds, grains, sugar, ethanol and fertilizer worldwide.