NYK has taken full control of Norwegian open-hatch operator Saga Welco, bringing its 48-vessel fleet entirely within the Japanese group, according to NYK.
The acquisition was completed on July 20, turning Saga Welco into a wholly owned subsidiary of NYK Holding (Europe) B.V., or NHE. Before the transaction, NHE and Norwegian shipping company Westfal-Larsen Group each owned 50% of Saga Welco.
The Tonsberg-headquartered operator employs approximately 120 people and uses multi-purpose open-hatch vessels to transport pulp, aluminium ingots, steel products and other cargoes through a global operating network.
NYK plans to use Saga Welco’s specialist operating expertise and workforce to strengthen the profitability of its dry bulk business and create additional group-wide synergies.
Open-hatch vessels feature box-shaped cargo holds with large openings extending across the full upper surface. Unlike conventional bulk carriers, they have no sloped hold structure, allowing cargoes of different shapes to be loaded more efficiently.
NYK Holding (Europe) B.V. is an NYK Group company serving as Saga Welco’s direct owner. Saga Welco AS is a Norwegian shipping company focused on multi-purpose open-hatch vessel operations.
Westfal-Larsen Group is a Norwegian shipping company that previously shared ownership of Saga Welco with NHE.