Singapore: Saga Forest Carriers Intl and Westfal-Larsen Shipping have entered into an agreement to form a joint shipping pool operation.
The joint pool operation will be managed by Saga Welco and will combine the total open hatch fleets of Saga Shipholding, Singapore’s Masterbulk and Attic Forest with a modern fleet consisting of 52 open hatch vessels and two newbuildings to be delivered in 2017. Masterbulk is a sister firm of Westfal-Larsen.
Saga Welco will be owned by Saga Shipholding and Masterbulk on a 50 / 50 basis.
Saga Welco will start its operation on October 1 and will be headquartered at Tenvik in Norway. [07/07/14]