Australian livestock carrier group Wellard is selling and chartering back one of its modern vessels as part of a restructuring plan to reduce debts and improve financial and operating flexibility.

The Fremantle-based company is getting $22m for the Ocean Swagman (built 2010) in a deal that comes a month after the company parted way with long-term boss and chief executive Mauro Balzarini.

The Ocean Swagman, which has a capacity of 7,000 cattle or 26,000 sheep, has been bought by Heytesbury Holdings.