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