Private Bergen-based shipower Westfal-Larsen is moving its bulker activities from Singapore to Norway.

Its company Masterbulk was established in Singapore in 1995 in a reaction to the Norwegian taxation of shipowners.

Anders Lepsoe, who is CEO of Westfal-Larsen’s holding company Skibsaktieselskapet Navigation confirms that the company is in the process of moving home to Norway and winding up the activities in Singapore.

“Predictable taxation rules for shipowners is an important factor for the decision to relocate,” he said.

Also, Westfal-Larsen has decided to hire Magne Morken as Senior Vice President of the company’s dry bulk activities. He has a varied background, having previously been CEO of the gas tanker owner Solvang and the chemical tanker owner Hansa Tankers.

Two years ago, Lars Modin was hired as CEO of Masterbulk. Lepsoe says Modin has primarily been involved with technical operation of the vessels, while Morken will be working more strategically and commercially.

Asked if he is a jack of all trades, Morken replies: “Time will show”. He is otherwise reluctant to say too much about the appointment.

Westfal-Larsen has a fleet of 20 open-hatch bulkers. Two of them are semi-open hatch units. These are the 50,000-dwt Mariana and Mobilana (both built 1998). Brokers say these Namura-built ships are sold for $5m each, or slightly more than scrap.

The company's open-hatch bulkers are on average 18 years old. Brokers say such advanced ships as this unusually have a trading life of 30 years. In 2018 Westfal-Larsen sold its last 1980s built ships, the 43,000-dwt Geiranger and Grindanger (both built 1986) for scrap.

Modin says there are no plans of selling any of the open-hatch gantry crane vessels.

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.