By GMM News | 2025-01-17 | International Shipping News |

Wellard Limited, once Australia’s largest live export business, has announced the sale of its last remaining vessel, the MV Ocean Drover.

The $81 million deal with Meteors Shipping, a Marshall Islands company controlled by Turkish agribusiness Göktaşlar Et-Et Ürünleri Yan Sanayi ve Ticaret Limited Şirketi, marks the end of the company’s nearly half-century involvement in the global livestock export trade.

The sale, pending shareholder approval, is expected to be completed by July 2025. The company plans to distribute proceeds from the sale, along with surplus cash, to shareholders.

Wellard’s executive chairman, John Klepac, says that the sale is the highest value achievable in the current market.

The Ocean Drover, launched in 2002 as the M/V Becrux, was once the world’s largest purpose-built livestock carrier. It is capable of transporting 75,000 sheep or 20,000 cattle and features advanced ventilation, feed, and water systems.

Over its 20-year service, the vessel completed 200 voyages, transporting nearly 1.8 million cattle and more than 5 million sheep across two million nautical miles.

Founded in 1979, Wellard initially built its reputation with purpose-built livestock carriers like the Ocean Drover. At its peak, the company operated five vessels, including the Ocean Shearer, another record-breaking livestock carrier.

However, financial challenges, rising debt, and changing trade dynamics led to a gradual sell-off of its fleet starting in 2017.

In 2020, Wellard shifted its focus from livestock trading to vessel chartering. Despite this, the company still struggled, forcing it to sell its final ship.

The live export industry has faced increasing pressure due to documented poor conditions and continuous opposition from animal rights groups.

New Zealand banned live exports in 2023, and Australia plans to end the export of sheep by 2028. Other countries, like Great Britain, have also imposed restrictions.

With the sale of its last revenue-generating asset, Wellard is considering delisting the company from the Australian Securities Exchange (ASX) and continuing as an unlisted public entity.

This decision will depend on shareholder and regulatory approvals. The company’s only remaining income comes from the Brett Cattle Company class action, in which it is a participant.

Over its 46-year journey, Wellard was at its peak in 2014 and 2015, transporting close to 300,000 cattle annually.

References: ABC News, stockandland