Complying with the statement of the joint endeavor arrangement by Bahri, a global leader in transport and logistics, and Koninklijke Bunge B.V. (" Bunge"), a wholly-owned subsidiary of Bunge Limited, a global agribusiness and food company, both business recently ushered in the workplaces of BahriBunge Dry Mass Ltd. in Dubai, UAE.
In celebration of the occasion and disclose of the new company's logo, Mr. Abdulrahman M. Al-Mofadhi, Chairman of Bahri hosted an unique event at Burj Al Arab in the existence of several Bahri board participants, leading industry top-level execs, representatives from Bunge, heads of Bahri's business devices, in addition to a number of officials standing for major international companies.
With strategies to ship over 5 million metric lots of completely dry bulk products in its first year, the new company will step up the import and export of dry bulk products and sea freight product in and out of the Middle East while strengthening the operations of Bahri Dry Mass, a business system within Bahri.
BahriBunge Dry Mass Ltd. and the vessels hired under its domain will give unique products transportation solutions to international customers, with a key focus on mobility of products in the Middle East. As part of the arrangement, Bahri Dry Mass will have 60% of the shares in the venture and Bunge will certainly have the remaining 40%.
The joint endeavor, which is funded according to the calculated share by Bahri Dry Mass and Bunge, will charter and readily run SUPRAMAX and/or PANAMAX (and/or other suitably-sized dry bulk vessels) originally from the fleet presently had or managed by Bahri Dry Mass, and consequently from 3rd parties. Headquartered in Dubai, the brand-new company intends to ship over 5 million metric tons of completely dry bulk assets in its initial year of operation, with goals to progressively boost operations for the volume figures to touch double-digits.
Abdulrahman M. Al-Mofadhi, Chairman of Bahri, stated: "The launch of BahriBunge Dry Bulk joint endeavor notes an important landmark for our company. Bahri's indispensable insights of the Middle East markets together with Bunge's characteristics of the freight industry internationally will assist BahriBunge Dry Bulk Ltd. become a reputable and durable service provider particularly for the trade of grains and various other agricultural assets. I am certain that this new joint endeavor is developed in the right instructions to attain Saudi Vision 2030 and reinforce our dedication towards taking advantage of existing connections and building brand-new ones."
"I congratulate both Bahri Dry Bulk and Bunge offices on this calculated partnership. Launching BahriBunge Dry Bulk Ltd. and adding cutting edge vessels to the existing fleet will certainly go a lengthy way in enhancing the flow of dry bulk in the region and add significantly in implementing trade in a smooth and effective manner. Bunge brings noteworthy success in commodity trading and shipment of dry mass, and its operational toughness will certainly be important in serving the growing demand for dry products and dependable products services in the region. This is additionally in accordance with the ever-growing appetite to boost our regional impact and nurture relationships with global firms," claimed Nezar Banabeela, Chairman of BahriBunge Dry Mass Ltd.