NYK Holding (Europe) B.V. (NHE), part of Japanese shipping conglomerate NYK Group, completed the acquisition of Saga Welco AS on July 20.
The transaction resulted in Saga Welco becoming a wholly owned subsidiary of NYK Holding (Europe) B.V. (NHE), Nippon Yusen Kaisha (NYK Line) said in its statement.
Saga Welco is a Norwegian shipping company specializing in open-hatch vessel operations.
Prior to the transaction, Saga Welco was jointly owned by NHE and the Westfal-Larsen Group (a Norwegian shipping company), with each party holding a 50% stake.
Tonsberg-based Saga Welco operates a fleet of 48 open-hatch vessels, employs around 120 people, and offers worldwide semi-liner services originating principally from the east coast of South America.
The company is mainly shipping cargoes such as wood pulp and other forest products, wind turbine blades and components, aluminum ingots semi-finished steel products, as well as a range of project-cargoes.
Saga Welco said when the deal was announced that the company would transition from its current pool structure to an owner/operator business model.
NYK emphasized the acquisition would strengthen the profitability of its dry bulk business and generate additional group-wide synergies.
