WHITE PLAINS, NEW YORK, U.S. — Augustea Atlantica S.p.A. and Bunge Limited announced on Sept. 22 the formation of a joint venture company. The company, Augustea Bunge Maritime Limited (ABML), will operate an independent fleet of ocean-going dry-bulk vessels.

The Malta based venture aims to assemble a fleet of ships through acquisition and chartering-in of modern bulk carriers from Handysize up to Capesize vessels. Augustea Atlantica and a Bunge subsidiary will own 55% and 45% shares, respectively, in the joint venture. Augustea will provide commercial and technical management to the new venture while a Bunge subsidiary will provide advisory services.

"Through this venture Augustea will be well positioned to provide a more integrated logistical solution to our customers, and to best meet growing demand for ocean transport of bulk commodities,” said Raffaele Zagari, chief executive officer of the Augustea Group. “We look forward to joining Augustea Group’s more than 50 years of experience in deep-sea shipping with Bunge’s extensive experience in soft commodity supply chains.”

Giovanni Ravano, managing director of Bunge’s Ocean Freight Product Line added, “This partnership allows Bunge to expand our ocean freight activities, while generating valuable new insights into the supply chains that are an integral part of our core business.”