Swire confirmed that the acquisition had been granted necessary regulatory approvals and customary closing conditions had been satisfied.
The agreement to acquire US-based Westwood Shipping from Sumitomo Warehouse Co. Ltd subsidiary J-WeSco Ltd was signed in April 2022.
Transpacific operator Westwood was founded in 1980 and runs container, breakbulk, oversized cargo and forest product services between the Pacific Northwest and North Asia. According to its website, the company has a fleet of seven geared con-bulk carriers and focuses on the Pacific Northwest to Japan, Korea and China trades.
The expansion is part of Swire Shipping’s growth strategy which is to widen its liner network and vertically integrated many of its shipping services with first- and last-mile services on land.
“We now look forward to working very closely with our new colleagues at Westwood to welcome them to the Swire Shipping family and help Westwood and its customers and partners grow from strength to strength,” said James Woodrow, Managing Director, Swire Shipping.
Swire Shipping owns a multi-purpose fleet for containerised, project, heavy lift, breakbulk and mini-bulk cargoes.
Earlier this year, Singapore-headquartered Swire Shipping joined liner shipping representative body the World Shipping Council (WSC). Swire Shipping COO Jeremy Sutton was immediately elected a representative of the WSC board.
“We are delighted to join the World Shipping Council and to share our knowledge and experience especially in the areas of safety, security and sustainability. We also look forward to learning from our peers and by so doing, contribute to building a vibrant, safe and sustainable industry for years to come,” Sutton said at the time.
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