New Open Hatch Shipping Pool to Enter Market

Saga Tuscano

Saga Forest Carriers Intl AS (Saga) and Westfal-Larsen Shipping AS (Westfal-Larsen) have joined forces to form a joint shipping pool operation.

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.

The expected benefits of the partnership include creation of a larger fleet of Open Hatch Gantry Craned vessels and thereby 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 1st, 2014.

According to Einar Didriksen, Westfal-Larsen’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.”

Implementation of the Saga Welco Pool is subject to obtaining any relevant and required antitrust or other regulatory approvals.

Press Release, July 7, 2014

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