Athens-based and New York-listed shipowner and operator Diana Shipping Inc. (DSX) has secured a time charter contract with Swiss-based agribusiness company Bunge for one of its ultramax bulk carriers. The 2016-built, 60K DWT ultramax bulk carrier MV DSI Aquarius has been chartered by Bunge at a daily rate of $13,300 for a duration ranging from a minimum of 10 months to a maximum of about 12 months. The charter is slated to commence on December 6, 2024. This engagement is projected to yield approximately $3.99 million in gross revenue for the minimum period of the charter, under the leadership of Semiramis Paliou at Diana Shipping Inc. (DSX). Bunge, a leading global agribusiness and food company, operates an extensive international network and is involved in the sourcing, processing, and distribution of agricultural commodities and products. With over two centuries of growth and experience, Bunge serves the world’s growing demand for food and fuel, particularly in the regions that produce and consume the most. Bunge’s operations span continents, with significant facilities in North and South America, Europe, and Asia, making it one of the largest agribusiness companies globally. Bunge’s Chartering Department plays a critical role in its logistics and supply chain operations, ensuring the efficient and cost-effective transportation of agricultural products across the globe. This department is tasked with securing cargo space on various types of vessels, including bulk carriers like the MV DSI Aquarius, to support Bunge’s extensive commodity trading operations. The chartering team at Bunge is known for its strategic approach, leveraging the latest market intelligence and logistics technology to optimize shipping routes and manage freight costs effectively. The partnership between Diana Shipping Inc. (DSX) and Bunge is a testament to the latter’s robust supply chain management capabilities. By securing reliable and efficient maritime transport solutions, Bunge ensures that its products reach global markets in a timely and sustainable manner. This not only supports Bunge’s business objectives but also contributes to global food security by facilitating the movement of essential agricultural commodities. Furthermore, commodity trading giant Bunge’s commitment to sustainability is reflected in its shipping practices. The company actively seeks to charter newer and more fuel-efficient vessels to minimize the environmental impact of its shipping operations. This is aligned with commodity trading giant Bunge’s broader sustainability goals, which include reducing greenhouse gas emissions, conserving natural resources, and promoting responsible stewardship throughout its supply chain. The fleet of the Nasdaq-listed Diana Shipping Inc. (DSX) includes 38 dry bulk carriers, comprising four Newcastlemax bulk carriers, eight Capesize bulk carriers, five Post-Panamax bulk carriers, six Kamsarmax bulk carriers, six Panamax bulk carriers, and nine Ultramax bulk carriers. Additionally, Diana Shipping Inc. (DSX) anticipates the delivery of two methanol dual-fuel new-building Kamsarmax bulk carriers by the third quarter of 2027 and the first quarter of 2028, respectively. This modern and diverse fleet provides Diana Shipping with the flexibility and capacity to meet the specific requirements of industry leaders like commodity trading giant Bunge, ensuring long-term partnerships in the competitive global shipping market. 4-December-2024
Commodity trading giant Bunge chartered in 2016 built ultramax bulk carrier 60K DWT MV DSI Andromeda from Athens-based New York-listed shipowner and operator Diana Shipping (DSX). Switzerland-incorporated the USA-headquartered Bunge will pay a gross charter rate of $13,500 per day for MV DSI Andromeda. The charter period is set to run from November 24, 2023, until at least February 20, 2025, with the possibility of an extension up to April 20, 2025. This charter agreement is expected to generate approximately $6.03 million in gross revenue for the minimum scheduled period. Following the completion of the previously announced sale of the MV Boston, Diana Shipping’s fleet will consist of 40 dry bulk carriers. Bunge is a global agribusiness and food company that is incorporated in Switzerland and headquartered in St. Louis, Missouri, United States. Bunge company has a diverse range of operations, including soybean exporting, food processing, grain trading, and fertilizer production. Bunge plays a significant role in the international agricultural and food industry, with a focus on various aspects of the agribusiness supply chain. 21-November-2023
Koninklijke Bunge B.V. (Bunge), an entity fully owned by Bunge Ltd., an international agribusiness and food company, has partnered with Bahri Dry Bulk Co. (BDB), a subsidiary of the Bahri Group and the national maritime branch of Saudi Arabia, to form a joint venture focused on establishing a key ocean freight provider for dry bulk import and export in the Middle East. This new entity, named Bunge Bahri Dry Bulk Ltd., aims to offer freight transport services to clients in the region and globally. In its initial year, the company anticipates handling over 5 million tonnes, with plans to significantly increase this volume. Ownership is divided between BDB and Bunge at 60% and 40% respectively, and it will be headquartered in Dubai. Details of the financial arrangement remain undisclosed. Ibrahim Al-Omar, CEO of Bahri Dry Bulk Ltd., emphasized that this collaboration is a strategic move by BDB to simplify customer experiences in the supply chain. Bunge’s global expertise in commodity trading and the freight market, combined with Bahri’s maritime knowledge and regional prominence, is expected to fulfill the increasing demand for freight services in the Middle East. The venture will be equally financed by BDB and Bunge, focusing initially on chartering and operating supramax bulk carriers, panamax bulk carriers, or other suitable dry bulk vessels from BDB’s current fleet and eventually from external sources. Brian Thomsen, Bunge’s managing director and CEO, expressed excitement about partnering with BDB to expand Bunge’s influence in the Middle East. The joint venture is envisioned to become a preferred carrier for grain and agricultural commodity importers in the Middle East and for dry bulk exports from the region. This collaboration merges Bunge’s proficiency in freight services and risk management with BDB’s insights into Middle Eastern customer needs. Moreover, Bunge’s CEO Soren Schroder, during a conference call on February 15 discussing fiscal 2016 results, highlighted Bunge’s focus on maintaining a robust global presence, which has been vital in providing year-round customer service and fostering company growth. This includes various strategic initiatives like upgrading facilities in Brazil, expanding operations in New Orleans, Ukraine, and China, and acquiring additional soy crush capacity in Northern Europe. Additionally, Bunge’s CEO Soren Schroder pointed out Bunge’s commitment to strategic partnerships, with joint ventures in Brazil, Canada, and Vietnam, enhancing its competitive position and facilitating growth in a cost-effective manner. Bunge has also extended its market access through distribution partnerships in the Asia-Pacific region, notably in the Philippines. 22-February-2017