Skibsaktieselskapet Navigation Co. Ltd., Bergen Norway, (“Navigation”) is the holding company of the Westfal-Larsen group of companies. Through its various subsidiaries, Navigation is performing a variety of various activities such as chemical and dry bulk shipping, property investments, trade and industry.
Navigation’s subsidiaries Westfal-Larsen & Co AS, Westfal-Larsen Management AS and Westchart AS are owners, technical managers and commercial managers of chemical tankers, transporting various chemicals worldwide for various producers.
Westfal-Larsen & Co AS was established in 1918 and is a 100% subsidiary of Navigation. The company is the registered owner of 6 chemical tankers named Falkanger, Fauskanger, Finnanger, Fjellanger, Taranger and Torvanger whilst the newly incorporated company Welco Eco Ship AS is the registered owner of 2 chemical tankers named Leikanger and Lindanger.
Westfal-Larsen & Co. AS and Welco Eco Ship AS will at all times comply with all relevant international and domestic regulations pertaining to the operation of the vessels, including but not limited to the ISM code.
Westfal-Larsen Management AS was incorporated in 1996 as the result of a demerger from Westfal-Larsen & Co AS. The company is a 100% subsidiary of Navigation and its core business is to provide technical ship management to the ships owned by Westfal-Larsen Group.Westfal-Larsen Management AS is the technical manager for 12 vessels owned by Westfal-Larsen & Co. AS (6), Welco Eco Ship AS (2) and Masterbulk Pte. Limited (4).
Westchart AS, is a 100% owned subsidiary of Westfal-Larsen Management AS, and is the commercial management company of the Westfal-Larsen Group relating to the chemical segment. The company was established in 1995 and has since then had the responsibility of commercial operate both owned tonnage as well as a fleet of chartered-in tonnage. During the period 2003-2005, Westchart was also commercially marketing parts of the Team Tankers fleet.
Westchart is the company within the Westfal-Larsen Group, commercial operating the chemical tankers and their main counterparts is Waterfront Shipping Company Limited, a wholly owned subsidiary of Methanex Corporation, both companies have their head offices in Vancouver, Canada. The contracts with Waterfront are long term time charter contracts whereby Waterfront is time chartering specific vessels engaged in transporting methanol worldwide.
Masterbulk Pte. Limited (“Masterbulk”) in Singapore was established in 1995 and is a subsidiary of Navigation. Masterbulk is the owner of dry bulk carriers involved in transporting various dry bulk cargo at sea. In addition Masterbulk owns 50% of the shares in the pool company,Saga Welco AS.
Saga Welco AS. During the 1970’s, Star Shipping AS developed the Open Hatch concept. The Open Hatch vessels provided large rectangular cargo holds where entire top hatch cover was lifted by the ships’ on-board cranes. The Open Hatch vessels were specifically designed to carry forest products with minimal damage. Masterbulk owns and manages 20 Open Hatch vessels today.
Berstad Eiendom AS is a 100% subsidiary of Navigation and was established in 1996.The company’s main activity is to invest in other companies who are investing in property and letting out on hire real estate. The company is a resource centre for other non-shipping companies within the Westfal-Larsen Group with regards to general management and accounting.
Wallendahl AS was established in 1998 and is selling various tools, kitchen wear, painting products and electronical equipment to consumers.
Primozone Production AB was established in Sweden in 2000 and all the shares were purchased by Westfal-Larsen Group in 2003. The company’s main activity is to manufacture and sell ozone generators.
Westfal-Larsen Group Resources AS was established as of 1st January 2017 and is the resource center for the other companies within the Westfal-Larsen Group. The main activities conducted include general management, accounting, financing, legal, ICT, administration services, HR, Canteen and front desk/reception.