Augustea Atlantica S.p.A. and Bunge Limited Announce New Partnership with York
Joint Venture to Operate Independent Fleet of Dry-Bulk Vessels
WHITE PLAINS, N.Y., Oct. 17, 2013
WHITE PLAINS, N.Y., Oct.17, 2013 /PRNewswire/ --Augustea Bunge Maritime
Limited ("ABML"), a joint venture company of Augustea Atlantica S.p.A. and
Bunge Limited (NYSE: BG), today announced the formation of a new joint venture
with York Capital Management. The new company, ABY Holding Limited ("ABY"),
will operate an independent fleet of ocean-going dry-bulk vessels. The
Malta-based venture intends to grow through the acquisition and chartering of
The ABY fleet currently includes two ships that are in-service, the ABML Eva
(106kdwt, built in 2012) and the ABML Grace (172kdwt, built in 2002). ABY also
owns three additional ships that are under construction at top Japanese
shipyards. ABML will bring the combined expertise of its partners to the new
venture, with Augustea providing technical management and a Bunge subsidiary
providing advisory services.
Koert Erhardt, Managing Director of ABML, will lead the joint venture and
continue to build on the commercial success of ABML since its launch in 2011.
The partnership with York will further the commercial goals of ABML by
expanding the resources available to build a fleet of scale. Of the new
partnership Mr. Erhardt said, "This is a truly unique opportunity to draw on
the complementary resources and skill sets of Augustea, a world class ship
owner, Bunge, a leading global agribusiness, and York, a top tier investment
William Vrattos, Partner and Head of Global Credit at York Capital Management,
said, "We are pleased to participate in this joint venture as we seek to gain
further exposure to the compelling investment opportunities we see in the
maritime shipping industry."
"This venture with York represents another exciting milestone in our more than
50 years of experience in deep-sea shipping," said Raffaele Zagari, CEO of the
Augustea Group. "ABY will continue to focus on acquiring first-class quality
dry bulk tonnage while benefitting from the wide array of skills that our
partners provide. This new partnership will help Augustea enhance its ability
to provide first-class maritime services to its customers."
Giovanni Ravano, Managing Director of Ocean Freight and Global Logistics at
Bunge Limited added, "Through these partnerships in vessel ownership, Bunge
continues to expand in ocean freight and further develop our insights into the
global supply chain, which is an integral part of our core business."
About Augustea Atlantica S.p.A.
Augustea Atlantica S.p.A. operates more than thirty dry bulk ships, 14 of
which are owned, with the remainder comprised of vessels chartered-in and in
joint-venture with other first class operators. In 2012 Augustea Atlantica
moved approximately 10 million tons of bulk commodities across the globe.
Augustea (http://www.augustea.com) is a privately owned group headquartered in
Italy with offices in London, Singapore, Malta, Buenos Aires and in Colombia,
also active in harbor towage and heavy lift with dedicated barges and tugs.
Augustea provides a first-class service to customers, emphasizing safety and
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global agribusiness and
food company with approximately 35,000 employees in more than 40 countries.
Bunge buys, sells, stores and transports oilseeds and grains to serve
customers worldwide; processes oilseeds to make protein meal for animal feed
and edible oil products for commercial customers and consumers; produces sugar
and ethanol from sugarcane; mills wheat and corn to make ingredients used by
food companies; and sells fertilizer in North and South America. Founded in
1818, the company is headquartered in White Plains, New York.
About York Capital Management
York Capital Management is a global investment management firm with primary
offices in New York, London and Hong Kong. The firm, founded in 1991 by James
G. Dinan, manages approximately $17 billion employing event-driven investment
strategies specializing in arbitrage, special situations and distressed credit
Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and forward-looking statements.
All statements, other than statements of historical fact are, or may be deemed
to be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have
tried to identify these forward-looking statements by using words including
"may," "will," "should," "could," "expect," "anticipate," "believe," "plan,"
"intend," "estimate," "continue" and similar expressions. These
forward-looking statements are subject to a number of risks, uncertainties and
other factors that could cause our actual results, performance, prospects or
opportunities to differ materially from those expressed in, or implied by,
these forward-looking statements. The following important factors, among
others, could affect our business and financial performance: industry
conditions, including fluctuations in supply, demand and prices for
agricultural commodities and other raw materials and products used in our
business; fluctuations in energy and freight costs and competitive
developments in our industries; the effects of weather conditions and the
outbreak of crop and animal disease on our business; global and regional
agricultural, economic, financial and commodities market, political, social
and health conditions; the outcome of pending regulatory and legal
proceedings; our ability to complete, integrate and benefit from acquisitions,
dispositions, joint ventures and strategic alliances; our ability to achieve
the efficiencies, savings and other benefits anticipated from our cost
reduction, margin improvement and other business optimization initiatives;
changes in government policies, laws and regulations affecting our business,
including agricultural and trade policies, tax regulations and biofuels
legislation; and other factors affecting our business generally. The
forward-looking statements included in this release are made only as of the
date of this release, and except as otherwise required by federal securities
law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.
SOURCE Bunge Limited
Contact: Augustea Contacts: Raffaele Zagari (email@example.com), +44 207
908 4505 4550, or Maurizio Pavesi (firstname.lastname@example.org), +39 081 5980911;
Bunge Limited Contact: Susan Burns (email@example.com), +1-914-684-3246;
York Contacts: Mary Beth Grover (firstname.lastname@example.org), +1-212-371-5999, or Julia
Kosygina (email@example.com), +1-212-371-5999
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