Nigeria’s BUA Foods has moved into ship owning after acquiring two bulkers to augment its sugar export operations in West Africa.

The first of the two ships, renamed Bundu, has recently been delivered. Financial details and the name of the seller were not disclosed.

The ship is believed to be the former 16,800-dwt geared bulker Stellar Toldeo (built 2003) and was acquired for $6.5m, according to VesselsValue.