NYK fully buys Saga Welco from Westfal-Larsen Group

NYK Holding (Europe) B.V. (NHE), part of Japanese shipping conglomerate NYK Group, completed the acquisition of Saga Welco AS on July 20.

The transaction resulted in Saga Welco becoming a wholly owned subsidiary of NYK Holding (Europe) B.V. (NHE), Nippon Yusen Kaisha (NYK Line) said in its statement.

Saga Welco is a Norwegian shipping company specializing in open-hatch vessel operations.

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.

Tonsberg-based Saga Welco operates a fleet of 48 open-hatch vessels, employs around 120 people, and offers worldwide semi-liner services originating principally from the east coast of South America.

The company is