Western Bulk closes panamax business unit

Western Bulk closes panamax business unit

London: Western Bulk’s panamax chartering unit has closed with immediate effect, sources at the company have confirmed to Splash.

The company says its panamax activities, estimated at between 5% to 7% of the group’s business, will be absorbed into other business units.

Sources in the department declined to comment on the market developments that led to the desk’s closure when approached by Splash today, but it is believed that the unit had been struggling.

Western Bulk began building up its panamax business in 2013, which gathered pace in March 2014 when the company acquired Oslo-based K2 Shipping.

Sources confirmed the closure will result in some redundancies, but it is unclear how many.

The panamax unit currently employs 10 people, according to Western Bulk’s website, of whom nine are former K2 Shipping staff.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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