On July 20, NYK completed the acquisition of Saga Welco AS (“Saga Welco”), a Norwegian shipping company specializing in open-hatch vessel operations. The transaction resulted in Saga Welco becoming a wholly owned subsidiary of NYK Holding (Europe) B.V. (“NHE”), an NYK Group company.
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.
Saga Welco AS is headquartered in Tonsberg, Norway, and employs approximately 120 people. The company operates a fleet of 48 open-hatch vessels, specialising in the marine transportation of pulp, aluminium ingots, steel products and other similar cargoes.
Saga Welco has earned a strong reputation among customers through its efficient transportation services, reliable scheduling, and specialized operations using multi-purpose open-hatch vessels, supported by a global operational network. Leveraging Saga Welco’s advanced expertise together with its highly experienced personnel, the NYK Group aims to enhance the profitability of the dry bulk business while generating additional Group-wide synergies.