The Singaporean liner operator Swire Shipping will acquire US-headquartered Westwood Shipping Lines, which services the Transpacific trade as a first-class multipurpose operator dedicated to Japan, Korea and China markets to and from Pacific Northwest.
The acquisition will be made through Swire Shipping's affiliate, SSPL US, which has already signed a definitive agreement to acquire Westwood Shipping Lines from J-WeSco, a subsidiary of The Sumitomo Warehouse Co. Ltd.
"The acquisition complements Swire Shipping’s growth strategy to widen its liner network while also vertically integrating many of its shipping services with first- and last-mile land services," said Swire Shipping, which currently owns a multi-purpose fleet providing a wide range of specialist customer solutions for containerised, project, heavy lift, breakbulk and mini-bulk cargoes.
James Woodrow, managing director of Swire Shipping commented, "Over the years, we have been looking at strengthening our presence around the Pacific and Westwood, with its excellent safety standards, high quality reputation, cargo handling abilities, and long-term customer relationships, emerged as a strong choice."
The acquisition is still subject to regulatory approval and the satisfaction of customary closing conditions.
Jeremy Sutton, chief operating officer of Swire Shipping, said after the closing of the acquisition, Westwood will continue to provide its current services with its team in Japan, US, Canada, Korea, and China, while Senwa Maritime Agency will also continue to serve as Westwood’s general agent in Japan, along also with Hyop Woon International Co., its long-term agent in Korea.
"We look forward to benefiting from Swire Shipping’s deep experience while continuing to protect our clients’ supply chains between northeast Asia and the Pacific Northwest through our independent, reliable, and agile operation,” stated John C. Mahoney, president and CEO of Westwood.