Wellard moves ahead with vessel sale

By Aidan Fortune contact

- Last updated on GMT

Wellard moves ahead with vessel sale
Australian livestock haulier Wellard’s sale of its vessel MS Ocean Swagman is back on course after a choppy period involving another potential customer.

Last month it had announced the sale and leaseback agreement​ with Heytesbury Holding Company for US$22m however following Heytesbury requesting an extension to the completion deadline, Wellard received and accepted a higher bid (US$25.2m) from Trim Shipping, a subsidiary of Nova Marine Holdings from Luxembourg.

This second deal was subject to the approval of the Nova board however this was not received by the 19 August deadline set out, leading Wellard to revert to the original Heytesbury deal.

The ship was classified by the Registro Italiano Navale as a ‘Green Star Vessel’, due to its low emissions and pollution prevention design and systems. When it was launched seen as a step change in livestock vessel design and construction due to its focus on enhanced welfare and safety of livestock, vessel and crew.

Funds from the sale of the MS Ocean Swagman will be used to settle Wellard’s debt. This transaction is expected to reduce Wellard’s debt from US$85m to US$64m as well as improving its cashflow.

Related topics: Livestock, Australia, Lamb, Beef

Related news

Related products

show more

The unique natural anti-oxidant for meat applications

The unique natural anti-oxidant for meat applications

Kancor Ingredients Limited | 28-Feb-2019 | Technical / White Paper

Fresh meat is preferred in bright red colour but is highly prone to oxidation and is colour sensitive to extracts. Kancor’s OxiKan R, a highly refined...

Microbiological safety of raw-fermented sausages

Microbiological safety of raw-fermented sausages

Jungbunzlauer | 18-Feb-2019 | Technical / White Paper

Raw-fermented sausages are prone to the contamination with pathogens such as Salmonella and Listeria. Jungbunzlauer gives a new impetus to the exploration...

Related suppliers

Follow us

Products

View more

Webinars