Norwegian dry bulk operator Western Bulk has stepped back into ship ownership, teaming up with a group of domestic partners to acquire a modern kamsarmax bulker.
The Oslo-listed company has joined J. Ludwig Mowinckels Rederi, Premium Maritime Fund 2024 managed by NRP Asset Management, and Pactum in the purchase of the CSSC Shi Jia Zhuang, which will be renamed Western Egda. Western Bulk will hold a 22% stake, with the transaction expected to close next week.
The 2020 Tianjin Xingang-built 82,000 dwt vessel has recently completed its five-year special survey. Under the agreement, Western Bulk will take on commercial and business management of the vessel, plugging it directly into its global trading platform. The company said this will give the ship access to its customer and supplier network, chartering reach and in-house operational support.
Chief executive Torbjørn Gjervik said the deal marks a strategic return to ownership alongside partners that share the company’s approach. “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,” he said.
The move comes after a period in which the Christen Sveaas-controlled outfit focused mainly on asset trading rather than long-term ownership. Earlier this year, Western Bulk flipped a pair of 2020-built ultramax vessels after exercising purchase options, generating around $3m in total profits.
Western Bulk currently operates around 110 vessels across the handysize to kamsarmax segments and fixes 500 to 600 unique ships per year. The company said the data generated from this trading activity gives it a clear edge when assessing vessel performance and investment opportunities.
Gjervik said the company intends to keep growing its co-investment and commercial management activities with like-minded partners. “We welcome inquiries from parties that are interested in the benefits of gaining access to Western Bulk’s commercial platform,” he added.
