CORPORATE STRUCTURE

SKIBSAKTIESELSKAPET NAVIGATION CO. LTD.

Skibsaktieselskapet Navigation Co Ltd Bergen Norway, (“Navigation”) is the holding company of the Westfal-Larsen group of companies. Through its various subsidiaries, Navigation performs a variety of activities such as chemical and dry bulk shipping, property investment, trade and industry.

SUBSIDIARES

WESTFAL-LARSEN & CO AS

Westfal-Larsen & Co AS was established in 1918 and is a wholly owned subsidiary of Navigation. The company is the registered owner of six chemical tankers: Falkanger, Fauskanger, Finnanger, Fjellanger, Taranger and Torvanger.

 

WELCO ECO SHIP AS

Welco Eco Ship AS is the registered owner of two chemical tankers: Leikanger and Lindanger.

WESTFAL-LARSEN MANAGEMENT AS

Westfal-Larsen Management AS was incorporated in 1996 as a wholly owned subsidiary of Navigation. The core business of Westfal-Larsen Management AS is to provide technical ship management services to ships owned by the Westfal-Larsen group.

WESTCHART AS

Westchart AS is a wholly owned subsidiary of Westfal-Larsen Management AS and was established in 1995. The company is responsible for the commercial operation of the chemical tankers owned by the Westfal-Larsen group.

MASTERBULK PTE. LIMITED

Masterbulk Private Limited was established in Singapore in 1995 and is the owner as well as disponent owner of a fleet of 20 open hatch specialised dry cargo carriers – 18 open hatch gantry crane vessels and two open hatch jib crane vessels. The vessels are operated in the Saga Welco pool, one of the largest players in that segment, comprising 53 vessels. Masterbulk owns 50% of the shares in the pool company, Saga Welco AS, while Saga Shipholding (Norway) AS  (ultimately owned by Nippon Yusen Kaisha) owns the remaining 50%.

J.BERSTAD EIENDOM AS

Established in 1996, J. Berstad Eiendom AS is a wholly owned subsidiary of Navigation. Its main activities include commercial property investment, development and letting.

WALLENDAHL AS

Wallendahl AS was established in 1998 with roots back to 1822, and is a retail store specialising in hardware, kitchen & homeware, garden products and tools.

PRIMOZONE PRODUCTION AB

Primozone Production AB was established in Sweden in 2000. The Westfal-Larsen group acquired all the shares of the company in 2003. Primozone Production’s main activity is to develop, manufacture and sell ozone generators for water treatment.

WESTFAL-LARSEN GROUP RESOURCES AS 

Westfal-Larsen Group Resources AS was established in 2017 and is the resource centre for the companies within the Westfal-Larsen group. Its main activities include general management, accounting, financing, legal, ICT, administration services, HR, canteen and front desk/reception.