The acquisition of Westwood Shipping Lines by Swire Shipping was finalized today, following regulatory approvals and completion of standard closing conditions. Swire’s ownership will allow Westwood, an independent niche vessel operator specializing in the trade between the Pacific Northwest and Northeast Asia, to work in partnership with Swire Shipping to better serve its customers, according to Westwood President and CEO Jack Mahoney.
Westwood, headquartered in Puyallup, Wash., connects the Japan and Korea markets with ports in Washington state and British Columbia and inland points in the US and Canada through those ports. “I can’t imagine a better outcome for Westwood,” Mahoney said. “We’re moving from strength to strength. We now have ownership with shipping at its core. We will combine Swire Shipping’s strengths with Westwood’s independent operation, one serving its customers safely, reliably, personally, and locally.”
Mahoney added that the synergies and capabilities with containers, networks, and projects would elevate Westwood’s operations to its customers’ benefit. Westwood will continue to provide its current services with its strong team of professionals in Canada, China, Japan, Korea, and the US. Senwa Maritime Agency, Ltd., will continue to serve as Westwood’s general agent in Japan, along with Hyop Woon International Co., Ltd., its long-time agent in Korea.
Westwood announced in April 2022 that its owner, J-WeSco Ltd., a subsidiary of a group of Japanese companies led by the Sumitomo Warehouse Co Ltd, had signed a definitive agreement with Swire Shipping to sell the US-based company as part of a corporate strategy to focus on its core businesses of warehousing, stevedoring, real estate, and logistics. Swire Shipping’s acquisition of Westwood complements its growth strategy to widen its liner network while vertically integrating shipping services.
About Westwood Shipping Lines
Westwood Shipping Lines, founded in 1980, is an independent vessel operator specializing in the trade between the Pacific Northwest and North Asia. Its approach to success is its service and versatility, with reliable schedules and superior cargo handling capabilities to safely transport its customers’ cargo. Oversized cargo, containers, breakbulk, and forest products sail together on the same Westwood ships. Its flexible ship design permits safe and efficient handling of all types of cargo — no matter how bulky or fragile. J-WeSco Ltd purchased Westwood Shipping Lines in 2011 from Weyerhaeuser.
About Swire Shipping
Swire Shipping is dedicated to facilitating and growing trade in its operating regions. Swire Shipping provides several high-frequency liner shipping services in the Asia Pacific and specializes in a wide range of specialist customer solutions for project, heavy lift, refrigerated, breakbulk, and mini-bulk cargoes. It connects 400 ports via an extensive network of services in the Asia-Pacific and globally. It maintains a worldwide agency network in addition to its own representative offices across the Asia-Pacific, Pacific Islands, North America, and Europe, providing its customers with dedicated service and expert market knowledge.
Source : financialpost