Westfal-Larsen is to make fully open-hatch bulkers its sole focus going forward after selling two vessels with semi open hatches.
The private Bergen-based shipowner has sold the 50,000-dwt Mariana and Mobilana (both built 1998) for more than $5m each.
In a surprising move, one of the Namura Shipbuilding-constructed vessels — the Mobilana — has been picked up by Bergen-based rival Grieg Star.
A Grieg Star director confirmed the purchase of the vessel, which is to be renamed Star Maia and will enter the G2 Ocean bulk pool.
The director said the vessel will replace the 43,000-dwt Star Gran (built 1986) and the 40,000-dwt Star Fuji (built 1985), which were sold for scrap last year.
VesselsValue estimates the pair have a scrap value of more than $5m each.
Grieg Star has not yet decided how long it will keep the Star Maia.
The director said: “This purchase will help consolidate the open-hatch market, Star Maia is a useful temporary vessel for us while we are considering future vessel designs and solutions.”
It is unclear who bought the Mariana.
G2 Ocean was set up in 2017 by Grieg Star and Gearbulk, and controls 125 fully open and semi open-hatch ships.
News that Westfal-Larsen has sold its last semi open-hatch bulkers comes days after Anders Lepsoe, who is chief executive of Westfal-Larsen holding company Skibsaktieselskapet Navigation, confirmed that Masterbulk is in the process of winding up its activities in Singapore and moving back to Norway.
Morken hire
Westfal-Larsen has hired Magne Morken as senior vice president of the company’s dry bulk activities. He has a varied background, having previously been chief executive of gas tanker owner Solvang Shipping and chemical tanker owner Hansa Tankers.
Two years ago, Lars Modin was hired as chief executive of Masterbulk.
Lepsoe said Modin has primarily been involved with the technical operation of the vessels, while Morken will be working more strategically and commercially.
Westfal-Larsen has a fleet of 20 open-hatch bulkers, which are on average 18 years old.
In 2018, Westfal-Larsen sold its last 1980s-built ships — the 43,000-dwt Geiranger and Grindanger (both built 1986) — for scrap.
Westfal-Larsen operates its bulkers together with NYK Line in the Saga Welco pool. This pool is one of the biggest in the segment with a fleet of 53 open-hatch vessels.
The Bergen-based company was established in 1905 and is controlled by Rolf Westfal-Larsen and his family. The latter is now acting as a company advisor.
