Japanese shipping giant Nippon Yusen Kaisha (NYK Line) has completed the full acquisition of Norwegian open-hatch vessel operator Saga Welco AS, strengthening its position in specialized dry bulk transportation.

Through its European subsidiary NYK Holding (Europe) B.V. (NHE), NYK acquired the remaining 50% stake previously held by Norwegian shipping company Westfal-Larsen Group, making Saga Welco a wholly owned subsidiary of NYK. The transaction was completed on July 20, 2026, following the completion of required regulatory procedures. Financial details of the deal were not disclosed.

The acquisition marks the end of a 12-year joint venture between NYK and Westfal-Larsen. Before the transaction, both companies held equal ownership of Saga Welco and jointly operated the specialized shipping platform. NYK announced its agreement to acquire the remaining stake in March this year.

Strengthening NYK’s Specialized Dry Bulk Business

Headquartered in Tønsberg, Norway, Saga Welco is one of the leading operators in the global open-hatch vessel segment. The company currently operates a fleet of 48 open-hatch multipurpose vessels and employs approximately 120 people.

Saga Welco provides worldwide semi-liner services, with a strong presence in trades originating from the east coast of South America. Its cargo portfolio includes wood pulp, forest products, aluminum ingots, semi-finished steel products, wind turbine components and various project cargoes.

Unlike conventional bulk carriers, open-hatch vessels feature large, box-shaped cargo holds without sloped tank tops, allowing efficient transportation of oversized and high-value cargoes with diverse shapes and dimensions. This capability makes them particularly suitable for industrial materials, forestry products and project-related shipments.

NYK said the acquisition will allow the group to leverage Saga Welco’s specialized operational expertise and experienced workforce to improve profitability in its dry bulk business while generating additional synergies across the wider NYK Group.

Transition to Owner-Operator Model

Following the acquisition, Saga Welco will continue operating under its existing brand, with its current management team remaining in place.

The company has confirmed that existing customer contracts, operational arrangements and business relationships will remain unchanged during the transition. At the same time, Saga Welco will move from its previous pool-based operating structure toward an owner-operated business model.

NYK said it plans to further integrate Saga Welco’s expertise with its global network, enhancing cooperation in areas including route optimization, customer services and operational efficiency.

NYK Continues Strategic Expansion Beyond Traditional Shipping Segments

The acquisition aligns with NYK’s strategy of strengthening core shipping businesses while expanding into specialized growth areas.

In recent years, NYK has been actively reshaping its portfolio across multiple maritime sectors, including container shipping, automotive transportation, LNG carriers, offshore businesses and specialized cargo transportation.

By taking full ownership of Saga Welco, NYK gains direct control over a highly specialized open-hatch shipping platform and further diversifies its dry bulk portfolio beyond conventional commodity transportation.

The deal also highlights the growing importance of specialized multipurpose shipping segments, where operational expertise, customer relationships and niche market knowledge remain key competitive advantages.