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Editor in chief: Angelo Scorza
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22/07/19 11:05

Wellard sold a livestock carrier

The transaction falls within the group's restructuring plan which recently urged Balzarini to resign

A few weeks since Mauro Balzarini left Wellard, the Australian group dealing with cattle trade and logistics sold one of its assets. More precisely, it transferred the ship Ocean Swagman to Heytesbury Cattle Company for 31 million dollars. The unit has a capacity of 7,000 cattle and 26,000 sheep, i.e. the same capacity of its sister ship Ocean Outback, which had already been sold a few years ago. The unit Ocean Swagman had been tailor made in 2010 for Wellard's activities by the Indonesian Nanindah Mutiara Shipyard, for a total of 40 million dollars.

The disposal of this asset (which will be chartered until the end of March 2021 with an option to extend the charter for another 4 years) falls within the financial rescue plan of the company, which is struggling to repay the bond loan granted a few years ago.

In March 2017, the purchaser Heytesbury, controlling a cattle traffic of some 160,000 livestocks in Australia, had entered the shareholding structure of Wellard, and it currently holds a 11.5% share in it.

N.C.

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