A subsidiary of The National Shipping Company of Saudi Arabia, Bahri Dry Bulk (BDB) has signed with Koninklijke Bunge of the Netherlands to set up a Dubai-based company that will charter vessels for the purpose of importing and exporting dry bulk commodities in the Middle East. BDB will own 60% of the shareholding in the joint venture and Bunge will own the remaining 40%.
While the initial term of the joint venture agreement is five years, the parties expect the duration of their cooperation will be substantially longer. BDB and Bunge aims to complete the establishment of the joint venture by the second quarter of 2017.
In a separate initiative, Bahri has opened a new office in Mumbai to strengthen its presence in the fast-growing Indian maritime industry and enhance its ability to offer a range of shipping services to domestic customers. The new office, located in the central suburb of Hiranandani – Powai, was inaugurated by the company’s chief executive officer, Eng. Ibrahim Al-Omar, in the presence of Ahmed Al-Ghaith, President, Bahri Logistics, Wael Al-Sarhan, Vice-President, Marketing and Communications, Bahri, Capt. Jiten Bhosale, Bahri’s India Country Manager and other senior executives and staff.
Highlighting the importance of the new office, Eng. Ibrahim Al-Omar, Bahri chief executive officer, said, “The opening of our new office in Mumbai is a strategic, long-term investment and underscores our strong commitment towards the Indian market. For Bahri, the Indian maritime sector holds enormous potential for further growth and profitability with a large customer base and rapidly increasing demand for marine transportation solutions.
Bahri Logistics, which has been present in India since 2000, operates multipurpose vessels on a regular liner schedule, all designed to carry project, ro-ro, breakbulk and container cargo in a single voyage. The liner service links the Indian subcontinent with key global markets along the Arabian Gulf, Red Sea, Mediterranean and the US along with Europe, with transshipment via own tonnage. The service also offers links to East Africa, Latin America and the Caribbean via internationally recognised transshipment hubs.