The breakbulk carrier Saga Welco, which also calls regularly at Bremen, will in future be wholly owned by the Japanese shipping group NYK. The business model will apparently also be adjusted.
Saga Welco, based in Norway, was previously a joint venture between the Westfal-Larsen Group and NYK, each of which held 50% of the shares. This structure is now to be changed. There is an agreement to acquire all shares, NYK announced – subject to the usual regulatory approvals.
Following the transaction, the business model is also to be restructured. Saga Welco is to be converted from the previous pool structure to an owner/operator structure, the Japanese company announced. All existing contracts, operational agreements and contacts are to remain unchanged.
The Saga Welco pool currently includes 48 open-hatch carriers offering semi-liner services. Bremen is also regularly served. According to the statement, the transaction reflects Saga Welco’s confidence in its platform, operational expertise and global organization. Trond Moe Hanssen, President and CEO of Saga Welco, said: “This transaction provides Saga Welco with a committed, long-term oriented owner that supports the continuity and further development of our business. Our customers, partners and employees can expect unchanged business operations.”
