Wellard Gets Better Offer for Livestock Carrier

WellardIllustration. Image Courtesy: Australian Transport Safety Bureau (ATSB)

Australia’s largest live cattle exporter Wellard has received and accepted a proposal to sell the M/V Ocean Swagman for USD 25.2 million to Panama-based Trim Shipping, part of Nova Marine Holdings.

The offer from Nova is USD 3.2 million higher than the previously announced proposed sale of the vessel to Heytesbury Holding Company for USD 22 million.

“The Nova transaction remains subject to approval of the Nova board, however, Wellard considers that (if approved) it is likely to lead to a superior outcome than the Heytesbury transaction,” the company said in a statement.

The 12,892 GT livestock carrier would be delivered to Nova between November 1 and December 13, 2019.

As informed, there is no charter or leaseback arrangement under this transaction.

What is more, Wellard explained that the Heytesbury transaction remains on substantially the same terms as previously revealed. If the Nova transaction proceeds, the Heytesbury transaction would not complete, and a break fee may be paid.

“Wellard is continuing to negotiate a standstill agreement with its noteholders which reflects and supports the sale of the Ocean Swagman to either of Nova or Heytesbury,” Wellard further said.

Ocean Swagman has the capacity to transport 7,000 cattle or 26,000 sheep, or a combination of both. It is the sister ship of the 2010-built Ocean Outback which was sold for USD 26 million in 2017.

Featuring a length of 130 meters and a width of 21.6 meters, the ship sailed on its maiden voyage back in 2010.

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