Wellard exits shipowning with sale of last livestock carrier

After a 46-year history, Australia’s Wellard is readying for a future shorn of ships. The company has announced it is selling its last livestock carrier, the Ocean Drover, for $50m with the ship expected to be delivered to a Turkish agribusiness firm by July. The ship is the world’s second-largest purpose-built livestock carrier capable of transporting 20,000 cattle or 75,000 sheep.

“We believe that this sale represents the highest possible value that can be realised for shareholders from the Ocean Drover in the current market,” Wellard executive chairman John Klepec said.

Wellard said today it is now looking at delisting from the ASX.