Livestock shipper Wellard looks at vessel sales after defaulting on debt

Financially troubled Australian livestock exporter Wellard may be forced to sell one of its ships after it defaulted on debt payments today.

The company said today it was looking at ways of restructuring its balance sheet, including the possibility of selling a vessel.

Earlier this month it was revealed Mauro Balzarino, the founder and CEO of Wellard for the past 15 years, had stepped down. Executive chairman John Klepec is running the company at present.

Wellard has been in financial trouble for much of this decade, forced to suspend trading on the local stock exchange and being in breach of its debt covenants on more than one occasion.

The Wellard fleet today comprises four ships according to European shipping database Equasis.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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