Saga Forest Carriers and Westfal-Larsen Shipping have entered into an agreement to form a joint shipping pool operation.
The joint pool operation will be managed by Saga Welco and will combine the total Open Hatch fleets of Saga Shipholding (Norway), Masterbulk (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 a 50/50 basis. The operation is to start 1 October. The head office will be located at Tenvik/Tønsberg, Norway.
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 bulk carrier market. They hope to increase transportation capacity and flexibility, sailing frequencies and 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 1 October.
