Breakbulk carrier Saga Welco will now be operated as a wholly-owned subsidiary of the Japanese NYK Group – the takeover has been finalised.
NYK has confirmed that the acquisition of the Norway-based Open-Hatch shipping company has been finalised. Following the agreement reached in March with the previous co-owner, Westfal-Larsen, all regulatory approvals have now been obtained and the administrative procedures completed.
With immediate effect, the carrier is now a wholly-owned subsidiary of NYK Holding (Europe) – the arm of the Japanese shipping group had previously held a 50% stake, as did Westfal-Larsen.
“Saga Welco has earned an excellent reputation among customers – thanks to efficient transport services, reliable scheduling and specialised operational processes using multi-purpose open-hatch vessels, supported by a global operational network. By utilising Saga Welco’s extensive expertise and the experience of its staff, the NYK Group aims to increase the profitability of its dry bulk division whilst simultaneously realising additional synergies across the entire group,” according to the Japanese company’s official statement.
Saga Welco’s structure under review
When the agreement was announced, it was stated that the business model could also be restructured following the transaction. The plan is to transition from the current pool structure to an owner/operator structure. All existing contracts, operational agreements and points of contact are to remain unchanged.
The Saga Welco pool currently comprises 48 open-hatch carriers, which are used to provide semi-liner services. Trond Moe Hanssen, President and CEO of the carrier, said in March: “This transaction provides Saga Welco with a committed, long-term owner who supports the continuity and further development of our business. Our customers, partners and employees can expect business operations to continue as normal.”
