Riyadh-based tanker and dry bulk shipowner and operator Bahri’s (Bahri, formerly known as the National Shipping Company of Saudi Arabia) subsidiary Bahri Dry Bulk Co LLC turns attention to modern ultramax bulk carriers. Saudi Arabian shipping player is increasingly enticed by the dry cargo business. At the same time Riyadh-based tanker and dry bulk shipowner and operator Bahr was conspicuously selling tankers, major Saudi shipowner Bahri has been quietly adding dry bulk tonnage from Norden. In this process, Bahri Dry Bulk Co LLC is displaying a clear preference for modern, scrubber-fitted ultramaxes built in Japan. 26-July-2023
Bahri Dry Bulk Co LLC, a collaborative enterprise between the esteemed Saudi Arabian shipping firm Bahri and the distinguished Arabian Agricultural Services Company (ARASCO), has successfully secured Sharia-compliant funding amounting to $96 million from its compatriot, Bank Albilad. $96 million will be deployed to finance the construction of the Bahri Dry Bulk Co LLC’s four (4) newbuilding bulk carriers, which were commissioned at the renowned South Korean yard, Hyundai Mipo Dockyard, in the preceding year. The credit facility, disbursed over a period of six months, holds a tenure of 13 years, inclusive of a gracious three-year period of respite. It is intended to cover 80% of the total contract value. Riyadh-based tanker and dry bulk shipowner and operator Bahri’s (Bahri, formerly known as the National Shipping Company of Saudi Arabia) subsidiary Bahri Dry Bulk Co LLC President Nezar Banabeela expressed profound appreciation for the novel funding provided by Bank Albilad. Bahri Dry Bulk Co LLC President Nezar Banabeela regarded it as a momentous milestone that paves the way for Bahri Dry Bulk Co LLC to venture into untapped markets, both regionally and globally. This expansion would allow them to explore new avenues of growth and play a pivotal role in supporting the Saudi Arabia’s pursuit of national goals and strategic objectives set forth by the government. Furthermore, with the integration of four cutting-edge bulk carriers into their fleet, Bahri Dry Bulk Co LLC stands fully equipped to meet the escalating demand for vital grains, including barley, wheat, and corn, within the nation. Riyadh-based tanker and dry bulk shipowner and operator Bahri’s (Bahri, formerly known as the National Shipping Company of Saudi Arabia) subsidiary Bahri Dry Bulk Co LL is primarily engaged in the transportation of grain and coal, currently boasting a fleet of five (5) dry bulk carriers. 10-January-2018
BahriBunge Dry Bulk, an alliance unveiled in February 2017 between Saudi shipowner Bahri and agribusiness titan Bunge, has been officially inaugurated in Dubai. BahriBunge Dry Bulk will charter and operate a fleet of supramax and panamax bulk carriers, intending to transport more than 5 million metric tons of dry bulk commodities in its inaugural year, with a primary focus on the Middle East. The establishment of the BahriBunge Dry Bulk joint venture signifies a momentous milestone for Riyadh-based tanker and dry bulk shipowner and operator Bahri’s (Bahri, formerly known as the National Shipping Company of Saudi Arabia) subsidiary Bahri Dry Bulk Co LLC. Bahri’s invaluable insights into the Middle Eastern markets, combined with Bunge’s global dynamics in the freight industry, will enable BahriBunge Dry Bulk Ltd. to emerge as a dependable and sturdy carrier, particularly for the trade of grains and other agricultural commodities. Bahri Dry Bulk Co LLC is confident that this new joint venture BahriBunge Dry Bulk is set in the right direction to achieve Saudi Vision 2030 and reinforce Bahri Dry Bulk Co LLC’s commitment to nurturing existing relations and forging new ones. Bahri’s dry bulk division, Bahri Dry Bulk Co LLC, a 60/40 partnership between Bahri and Arabian Agricultural Services Company (ARASCO), will retain 60% ownership in the venture BahriBunge Dry Bulk Ltd., while Bunge will hold 40%. 5-October-2017
In the wake of the joint venture agreement between Bahri, a distinguished leader in transportation and logistics, and Koninklijke Bunge B.V. (Bunge), a wholly-owned subsidiary of Bunge Limited, a global agribusiness and food company, the two entities proudly inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, UAE. The occasion was celebrated with great fervor as the new company BahriBunge Dry Bulk Ltd.’s logo was unveiled. Mr. Abdulrahman M. Al-Mofadhi, Chairman of Bahri, hosted a special ceremony at the iconic Burj Al Arab, attended by several esteemed Bahri board members, top-level executives from the industry, representatives from Koninklijke Bunge B.V. (Bunge), heads of Bahri’s business units, and dignitaries representing major multinational corporations. Having laid the groundwork to ship over 5 million metric tons of dry bulk commodities in its maiden year, the newly formed company BahriBunge Dry Bulk Ltd. will elevate the import and export of dry bulk goods and ocean freight in the Middle East while reinforcing the operations of Bahri Dry Bulk Co LLC, an essential division within Bahri. BahriBunge Dry Bulk Ltd. and the bulk carriers chartered under its purview will offer exclusive freight transportation services to international customers, with a primary focus on the mobility of freight in the Middle East. As part of the agreement, Bahri Dry Bulk Co LLC will hold 60% of the venture’s shares, leaving the remaining 40% in the possession of Koninklijke Bunge B.V. (Bunge). Financed proportionally by Koninklijke Bunge B.V. (Bunge) and Bahri Dry Bulk Co LLC, the joint venture Bahri Dry Bulk Co LLC will initially charter and operate supramax and panamax bulk carriers from the existing fleet owned or managed by Bahri Dry Bulk Co LLC, and subsequently from third parties. BahriBunge Dry Bulk Ltd.’s headquarters in Dubai will oversee the shipping of more than five million metric tons of dry bulk commodities in its first operational year, with the goal of gradually increasing the volume figures to reach double digits. The launch of the BahriBunge Dry Bulk Ltd joint venture marks a momentous milestone for our company. Combining Bahri’s invaluable insights into the Middle Eastern markets with Koninklijke Bunge B.V.’s (Bunge) expertise in the global freight industry, BahriBunge Dry Bulk Ltd. is poised to emerge as a reliable and robust carrier, especially for the trade of grains and other agricultural commodities. Bahri Dry Bulk Co LLC has full confidence that this joint venture sets Bahri Dry Bulk Co LLC in the right direction to achieve Saudi Vision 2030, strengthening Bahri Dry Bulk Co LLC’s commitment to nurturing existing relations and forging new ones. Nezar Banabeela, Chairman of BahriBunge Dry Bulk Ltd., conveyed his congratulations to both Bahri Dry Bulk Co LLC and Koninklijke Bunge B.V. (Bunge) offices on this strategic alliance. Launching BahriBunge Dry Bulk Ltd. and introducing state-of-the-art bulk carriers to the existing fleet will significantly streamline the flow of dry bulk in the region and greatly contribute to executing trade in a seamless and efficient manner. Koninklijke Bunge B.V. (Bunge) brings with the company’s notable success in commodity trading and shipment of dry bulk, and its operational strength will be instrumental in meeting the growing demand for dry goods and reliable freight services in the region. 5-October-2017
Saudi Arabia’s Bahri has made an official announcement that its esteemed dry bulk unit, Bahri Dry Bulk Co LLC, has successfully entered into contractual agreements with Hyundai Mipo Dockyard for the construction of four (4) new bulk carriers, valuing an impressive $120 million. The construction of four (4) new bulk carriers is set to commence immediately, with delivery scheduled for the year 2020. The incorporation of these four (4) new bulk carriers into Bahri Dry Bulk Co LLC’s fleet harmonizes seamlessly with Bahri’s long-term strategy for expansion and diversification. Upon their delivery, four (4) new bulk carriers will significantly contribute to fulfilling the burgeoning demand that Bahri Dry Bulk Co LLC is currently witnessing for the importation of vital grains, such as barley, wheat, and corn, into Saudi Arabia. Bahri Dry Bulk Co LLC stands as a joint venture, with Bahri owning a substantial 60% and ARASCO, the largest grain importer in Saudi Arabia, holding the remaining 40%. The joint venture effectively operates a distinguished series of five 82K DWT (deadweight tonnage) bulk carriers procured from Japan’s esteemed Oshima Shipbuilding in 2012, marking its initial venture into the dynamic dry bulk market. 27-August-2017
Riyadh-based tanker and dry bulk shipowner and operator Bahri’s (Bahri, formerly known as the National Shipping Company of Saudi Arabia) subsidiary Bahri Dry Bulk Co LLC chartered in 2006 built panamax dry bulk carrier 75K M/V Danae R from Valerie Ship Management at $10,100 per day over 4 to 7 months. Baltic Dry Index climbed to 979 points and capesize rates climbed by 20% because of coal imports of China. Dubai-based Mideast Ship Management Ltd (JLT) and Bahri Ship Management are the ship manager of Bahri Dry Bulk Co LLC controlled bulk carriers. 13-March-2017
Agribusiness titan Koninklijke Bunge B.V. (Bunge), a wholly-owned subsidiary of Bunge Limited, is collaborating with one of the Middle East’s largest shipowners, Bahri from Saudi Arabia, to establish a novel enterprise focused on dry bulk. Koninklijke Bunge B.V. (Bunge) and Bahri Dry Bulk Co LLC joint venture, operating under the name BahriBunge Dry Bulk Ltd., aim to offer exclusive freight transportation services to Middle Eastern and international clientele. In its inaugural year, the company plans to ship over 5 million metric tons, with ambitions to increase this volume significantly in the future. Bahri Dry Bulk Co LLC and Koninklijke Bunge B.V. (Bunge) will have ownership stakes of 60% and 40%, respectively, in the joint venture, which will be registered and headquartered in Dubai. Brian Thomsen, managing director of Bunge Global Agribusiness, expressed his anticipation for the joint venture BahriBunge Dry Bulk Ltd. to become the preferred carrier for customers importing grains and agricultural commodities in the Middle East, as well as for dry bulk exports beyond the region. Initially, the joint venture BahriBunge Dry Bulk Ltd. will charter and operate supramax and panamax bulk carriers from Bahri Dry Bulk Co LLC’s existing fleet or third-party sources. While Riyadh-based tanker and dry bulk shipowner and operator Bahri is renowned for its tanker operations, Bahri’s dry bulk division Bahri Dry Bulk Co LLC is a 60/40 partnership with Arabian Agricultural Services Company (ARASCO). The division experienced an astounding 300% growth in cargo volumes during 2016 and has set an ambitious target of achieving approximately 14 million cargo volumes by 2020. 20-February-2017
Bahri Dry Bulk Co LLC, a subsidiary of Bahri (National Shipping Company of Saudi Arabia), is engaged in the transportation of grains, coal, iron ore, barley, and other dry bulk cargoes through its premier bulk carrier in Saudi Arabia. Established as a joint venture between Bahri (60%) and Arabian Agricultural Services Company (ARASCO) (40%), Bahri Dry Bulk Co LLC aspires to become a leading and competitive dry bulk logistics provider in the region, with ambitions to expand into global trade in the near future. Pioneering innovation and setting high industry standards remain at the core of its mission. The inception of The National Shipping Company of Saudi Arabia (Bahri) dates back to 1978 when a Royal Decree formed it as a Public Company. Ownership is distributed with 22% held by the Public Investment Fund “PIF” of the Saudi Government, 20% by Saudi Aramco Development Company, and the rest widely held in public shares by Saudi Nationals. Bahri Ship Management is held in high esteem across the Middle East as a world-class ship management and maritime services provider within the shipping industry. For over 20 years, Bahri Ship Management has been a steadfast support to Bahri’s business units and extends its high-class services to other ship owners. The company excels in maximizing ship safety, quality, and reliability through the most cost-effective operations while further enhancing Bahri’s reputation with its unwavering commitment to integrity, full compliance, and impeccable safety records. With dedication, Bahri Ship Management upholds best practices across its fleet of over 92 vessels, along with its crew of more than 3,500 onboard and in the office. Presently, Bahri efficiently manages a fleet of 95 vessels, comprising 42 VLCCs, 38 chemical and products tankers, 6 multipurpose vessels, and 9 dry bulk carriers. 30-June-2016