Western Bulk has bought a Chinese kamsarmax, marking a return to shipowning for the Euronext Growth in Oslo-listed dry bulk operator.
The company has joined Norwegian partners A/S J. Ludwig Mowinckels Rederi, Premium Maritime Fund 2024 AS managed by NRP Asset Management, and Pactum AS in the purchase of the CSSC Shi Jia Zhuang, which will be renamed Western Egda.
The kamsarmax, built in 2020 in China, has recently completed her five-year special survey.
Western Bulk will hold 22% ownership, and the transaction is expected to close next week.
Under the agreement, Western Bulk will assume responsibility for commercial management and business management.
Western Bulk said this will give the ship access to its global commercial platform, including customer and supplier networks, chartering and operational expertise, and to a broad range of inhouse support functions.
Chief executive officer Torbjørn Gjervik commented on the transaction: “We are very excited to re-enter ship ownership together with a strong group of partners. This is an area where we can add significant value through our global commercial platform”.
The company currently operates about 110 vessels in the handy to kamsarmax segments and fixes between 500 and 600 unique vessels per year. The company said the data from these fixtures give a clear edge when assessing vessel performance and investment opportunities.
“We welcome inquiries from parties that are interested in the benefits of gaining access to Western Bulk’s commercial platform,” Torbjørn Gjervik added.
