Bahri Dry Bulk Co. signs JV agreement with Koninklijke Bunge B.V.

February 28 2017 Print This Article
The National Shipping Company of Saudi Arabia (Bahri) has announced that its subsidiary Bahri Dry Bulk Co. (owned 60 per cent by Bahri) (BDB) has signed, last week, a joint venture agreement with Koninklijke Bunge B.V. of the Netherlands.

Pursuant to the agreement, BDB and Bunge intend to establish a joint venture in Dubai, the UAE. The joint venture will be engaged in chartering vessels for the purpose of importing and exporting dry bulk commodities into and from and within certain countries in the Middle East. BDB will own 60 per cent of the shareholding in the joint venture and Bunge will own the remaining 40 per cent. While the initial term of the joint venture agreement is five years, the parties expect the duration of their cooperation to be substantially longer.

BDB and Bunge expect to complete the establishment of the joint venture by the second quarter of 2017, informed a release.