Grieg Maritime Group with solid 2021 financial results

Last year was an eventful year for Grieg Maritime Group. It was the first full year since we renamed the company “Grieg Maritime Group”, and we are happy to say it ended positively. 

Looking forward

Grieg Maritime Group’s result before tax in 2021 is 38 million USD, up from -105.1 million USD in 2020. 

“This has been our strongest performance for many years. We use this opportunity to strengthen our foundations, providing a solid platform for future growth and developing new business based on sustainability and innovation,” says Grieg Maritime Group CEO Matt Duke. 

Group equity was 288.4 million USD at the end of 2021, up from 273.5 million USD. That improved our equity ratio by four percentage points to 44%. By the end of 2021, Grieg Maritime Group had total assets of 656.2 million USD, with liquid funds of 93.8 million USD.

The Annual Report has more details. The report also contains the Grieg Maritime Group ESG-reporting.

Making great strides

The solid performance is evident across the group. Our core Open Hatch market through our Joint Venture, G2 Ocean, saw a considerable upturn in 2021. Grieg Star supported this by providing world-class Ship Management services, bringing several vessels back under internal management. And we successfully reorganised Grieg Green to account for changing market conditions. 

Grieg Edge successfully signed multiple new business contracts and has been awarded green funding. Our Ship Owning team timed the exit of our conventional bulk investments to deliver profit. With excellent support from our corporate team and IT, we have modernised and digitalised several critical lines of business applications. We are making great strides towards being a truly data-driven business.

“Despite a commendable performance, there remained plenty of unpredictability and surprises in 2021. We continue to face Covid related challenges on our ships and are grateful that the vast majority of the crew are now fully vaccinated,” says Duke.  

The best talent

We have dedicated ourselves and our strategy to support the UN Sustainability Goals for some years now. We saw an opportunity to reshape our business and widen our scope through this sustainability-based strategy work. We have worked systematically to strengthen each of our business units throughout 2021. 

“To deliver on our strategy, we need to have the best talent. We have focused on strengthening our people and culture, following a pioneering “Sustainable Coworkership” program. In a world of rapid change, we need to make the right decisions and learn quickly from our mistakes. We believe that having a diverse culture that encourages debate and positively challenges the best solutions and business opportunities is better than a pure command-and-control structure,” Duke says.

“In this background and continuing challenges from the pandemic, we thank the professional dedication of our employees, partners, board and owners. Together, we have led Grieg Maritime Group back into profitability and provided an exciting opportunity for further delivering on our strategy in 2022: Build new sustainable business, ensure world-class operations, take a leading role in the maritime green shift, and implement clear ownership strategies,” Matt Duke concludes.