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Wellard Limited, once Australia\u2019s largest live export business, has announced the sale of its last remaining vessel, the MV Ocean Drover.<\/p>\n
The $81 million deal with Meteors Shipping, a Marshall Islands company controlled by Turkish agribusiness G\u00f6kta\u015flar Et-Et \u00dcr\u00fcnleri Yan Sanayi ve Ticaret Limited \u015eirketi, marks the end of the company\u2019s nearly half-century involvement in the global livestock export trade.<\/p>\n
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.<\/p>\n
Wellard\u2019s executive chairman, John Klepac, says that the sale is the highest value achievable in the current market.<\/p>\n
The Ocean Drover, launched in 2002 as the M\/V Becrux, was once the world\u2019s 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
However, financial challenges, rising debt, and changing trade dynamics led to a gradual sell-off of its fleet starting in 2017.<\/p>\n
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.<\/p>\n
The live export industry has faced increasing pressure due to documented poor conditions and continuous opposition from animal rights groups.<\/p>\n
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.<\/p>\n
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.<\/p>\n
This decision will depend on shareholder and regulatory approvals. The company\u2019s only remaining income comes from the Brett Cattle Company class action, in which it is a participant.<\/p>\n
Over its 46-year journey, Wellard was at its peak in 2014 and 2015, transporting close to 300,000 cattle annually.<\/p>\n