Weyerhaeser calls off sale of Westwood Shipping

 Weyerhaeuser Company has called off the sale of its Westwood Shipping Line, citing weaker shipping markets and tight financing conditions for potential buyers.

   Weyerhaeuser announced in May that it was exploring alternatives for Westwood, a subsidiary that operates a fleet of seven ships used by customers to ship forest products, containerized and oversized cargo.

   We did not feel that the current market conditions would allow us to recognize a reasonable value for our assets and operations,?said Guy Stephenson, president of Westwood. We look forward to continuing to provide safe, uninterrupted service to our customers while pursuing new business opportunities and expanding our service. Westwood serves shippers in more than 20 ports in Japan, Korea, China and North America with a fixed-day, weekly sailing schedule.

   Weyerhauser said the announcement does not affect exploring alternatives for its four regional short line railroads, the DeQueen & Eastern; Columbia & Cowlitz; MSV; and Golden Triangle. The company primarily uses these short line railroads to source mills in Arkansas, Oklahoma, Mississippi and Washington. In addition, some third-party customers use the lines for select transportation needs.  

 

Source: American Shipper