Westwood Shipping Lines Acquisition by Swire Shipping Completed
The acquisition of Westwood Shipping Lines by Swire Shipping was finalized today, following regulatory approvals and completion of standard closing conditions. Swire’s ownership will allow Westwood, an independent niche vessel operator specializing in the trade between the Pacific Northwest and Northeast Asia, to work in partnership with Swire Shipping to better serve its customers, according to Westwood President and CEO Jack Mahoney.
Westwood, headquartered in Puyallup, Wash., connects the Japan and Korea markets with ports in Washington state and British Columbia and inland points in the US and Canada through those ports. “I can’t imagine a better outcome for Westwood,” Mahoney said. “We’re moving from strength to strength. We now have ownership with shipping at its core. We will combine Swire Shipping’s strengths with Westwood’s independent operation, one serving its customers safely, reliably, personally, and locally.”
Mahoney added that the synergies and capabilities with containers, networks, and projects would elevate Westwood’s operations to its customers’ benefit. Westwood will continue to provide its current services with its strong team of professionals in Canada, China, Japan, Korea, and the US. Senwa Maritime Agency, Ltd., will continue to serve as Westwood’s general agent in Japan, along with Hyop Woon International Co., Ltd., its long-time agent in Korea.
Westwood announced in April 2022 that its owner, J-WeSco Ltd., a subsidiary of a group of Japanese companies led by the Sumitomo Warehouse Co Ltd, had signed a definitive agreement with Swire Shipping to sell the US-based company as part of a corporate strategy to focus on its core businesses of warehousing, stevedoring, real estate, and logistics. Swire Shipping’s acquisition of Westwood complements its growth strategy to widen its liner network while vertically integrating shipping services.
Source: Swire Shipping