Saga Forest Carriers and Westfal-Larsen Shipping in pool cooperation
TØNSBERG and BERGEN – Saga Forest Carriers Intl AS (Saga) and Westfal-Larsen Shipping AS (Westfal-Larsen) have entered into an agreement to form a joint shipping pool operation.
[hidepost]The joint pool operation will be managed by Saga Welco AS and will combine the total Open Hatch fleets of Saga Shipholding (Norway) AS Masterbulk Pte Ltd (Westfal-Larsen) and Attic Forest AS (Hesnes Group) with a modern fleet consisting of 52 Open Hatch vessels and 2 newbuildings to be delivered in 2017.
Saga Welco AS will be owned by Saga Shipholding and Masterbulk on 50 / 50 basis.
Saga Welco AS will, provided that all approvals are cleared, start its operation on October 1st, 2014. The head office will be located at Tenvik/Tønsberg, Norway and the senior management will consist of Mr. Lars Traaseth as CEO/President and Mr. Einar Didriksen as COO.
Westfal-Larsen and Saga have been active in the international break bulk/forestry market since 1964 and 1991 respectively and will by establishing the new Saga Welco pool operate a large fleet of Open Hatch Gantry Craned vessels in the world wide bulk carrier market and thereby offer its customers increased transportation capacity and flexibility, increased sailing frequencies and more port combinations.
The management of Saga and Westfal-Larsen will jointly develop a plan for the integration of the regional offices and the head office functions to be implemented from October 1 st, 2014.
Saga Welco AS will manage the Open Hatch fleet by combining the competence, experience and knowledge held by the respective Saga and Westfal-Larsen organization.
“The commitment from Westfal-Larsen and Saga to establish Saga Welco AS will strengthen our ability to meet the future demands from existing and new customers” says Lars Traaseth, Saga’s CEO/President.
“The international wood pulp industry is a key focus area for the Saga Welco Pool, and the new partnership between Saga and Westfal-Larsen will significantly boost our joint capacity to service the international forestry industry” says Einar Didriksen, Westfal-Larsen’s CEO/President.
Implementation of the Saga Welco Pool is subject to obtaining any relevant and required antitrust or other regulatory approvals.
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Saga Forest Carriers Intl AS is the Manager of the Saga Pool. The Pool participants are Saga Shipholding (Norway) AS owned by NYK with 29 vessels and Attic Forest AS owned by Hesnes Holding AS, Norway with 3 vessels. (www.sagafc.com).
Westfal-Larsen Shipping AS (www.wlshipping.com) is the commercial manager of 20 vessels owned by Masterbulk Pte Ltd, Singapore. (www.masterbulk.com.sg).
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