BahriBunge Dry Bulk has officially inaugurated its new head office in Dubai in the presence of Abdulrahman M. Al-Mofadhi, Chairman of Bahri, at a special ceremony at the Burj Al Arab. The company announced plans to ship over 5 million tonnes of dry bulk commodities in its first year, stepping up the import and export of dry bulk goods in and out of the Middle East, while strengthening the operations of Bahri Dry Bulk. Bahri Dry Bulk will own 60% of the shares in the venture and Bunge will own the remaining 40%.
The joint venture will charter and commercially operate primarily Supramax and Panamax bulk carriers, initially from the fleet currently owned or managed by Bahri Dry Bulk, and subsequently from third parties. 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 the shipment of dry bulk cargoes, and its operational strength will be crucial in serving the growing demand for dry goods and reliable freight services in the region.”