Australian shipowner exits live export business with sale of last remaining vessel

Australian shipping company Wellard has sold its last remaining vessel, thus ending nearly 50 years of operating as a live export business.

The company announced that the livestock carrier Ocean Drover had been sold to an agribusiness company in Turkey for US$50 million. Delivery of the vessel to its new owner is scheduled for July 2025.

Proceeds from the sale will be returned to Wellard's shareholders along with additional surplus cash. This capital return is still pending a vote at an upcoming shareholders' meeting, which is yet to be scheduled.

The sale of the vessel is in line with the Wellard Board's decision to transition the company to being a vessel charterer after having operated as a full livestock export business.

Ocean Drover, which was acquired by Welland in 2009, was one of the largest purpose-built live export ships in operation, with an LOA of over 176 metres. The vessel's key features included advanced ventilation, feed and water systems.