Western Bulk Buys Into Bulker Ownership Alongside Nordic Partners
Oslo-based dry bulk operator Western Bulk has re-entered ship ownership after acquiring a minority stake in a Kamsarmax vessel alongside a group of Norwegian partners, the company said on Tuesday.
Western Bulk, together with A/S J. Ludwig Mowinckels Rederi, NRP Asset Management-managed Premium Maritime Fund 2024, and Pactum, has acquired the dry bulk carrier CSSC Shi Jia Zhuang, which will be renamed Western Egda.
The 2020-built, eco-design Kamsarmax was constructed in China and has recently completed its five-year special survey. Western Bulk will hold a 22% ownership stake in the vessel, with the transaction expected to close next week.
Under the agreement, Western Bulk will assume responsibility for the vessel’s commercial and business management, integrating it into the company’s global chartering and operational platform.
“We are very excited to re-enter ship ownership together with a strong group of partners. This is an area where we can add significant value through our global commercial platform,” said Torbjørn Gjervik, chief executive of Western Bulk.
The move marks a return to ownership for Western Bulk as it seeks to expand its co-investment and commercial management activities with external partners. The company currently operates around 110 vessels across the Handy and Kamsarmax segments and fixes between 500 and 600 unique vessels each year.
