LIVESTOCK exporter Wellard is undergoing changes in management and has said it its MV Ocean Drover (IMO 9232852) was for sale.
In an ASX announcement the company said emerging demand for large, modern livestock vessels created by tighter shipping regulations in Australia has prompted it to put the vessel up for sale.
The company said it would consider an offer that provides a “superior return on equity for shareholders on a long-term basis compared to operating the vessel itself”.
Wellard sold another livestock carrier, MV Ocean Outback, in July 2017.
Additionally, Wellard said it was “undergoing a strategic refocus” in its livestock and charter divisions. Wellard is to concentrate its charter division on the South American live cattle export market to Europe, while its live cattle export division would narrow its focus to trading Australian cattle to the South East Asia market.
The announcement said the company’s current chairman and non-executive director, John Klepec was appointed interim executive chairman, taking over the company’s day-to-day operations.
Additionally, Wellard executive director – operations Fred Troncone resigned, with John Klepec assuming the operations role until a permanent replacement can take the spot.