Wellard Gets Approval for Ocean Swagman Sale, Leaseback

Australia’s largest live cattle exporter Wellard has received an approval for the sale and leaseback of one of its vessels, the 2009-built Ocean Swagman.

The company’s shareholders gave the green light for the deal on October 25.

In late August 2019, Wellard revealed its plans to proceed with the sale of Ocean Swagman to Heytesbury Holding Company.

At the time, the company said that the unit would be sold at a price of USD 22 million.

The transaction also includes a bareboat charter of the 7,850 dwt livestock carrier back from Heytesbury to Wellard immediately upon completion of the sale.

Earlier in August, Wellard received an offer of USD 25.2 million to sell the ship to Panama-based Trim Shipping, part of Nova Marine Holdings. However, the approval of the board of Trim Shipping was not received by the deadline of August 19 and that condition precedent for a sale to Nova has not been fulfilled, Wellard explained.