GriegMaas concludes sale of last bulkers

Nov 30, 2021 | News

The bulk vessel Star Athena

Following agreements to sell their remaining four bulk vessels, Maas Capital and Grieg Maritime Group conclude GriegMaas.

Within a few days, GriegMaas will have concluded agreements to sell the remaining four bulk vessels in its pool: Star Crios, Star Damon, Star Artemis and Star Eos. The two owners have agreed it is natural to conclude the partnership and dissolve GriegMaas after delivering the last of the four ships to its new owner. The new owners will take over their ships by the end of January. 

Maas Capital and Grieg Maritime Group established GriegMaas in 2018 to jointly invest in conventional bulk vessels. Their primary vessel types would be supramaxes and ultramaxes. From the beginning, the partners agreed on an opportunistic approach, seeking to benefit from an expected increase in vessel values. The timing of these sales has been very good. With two vessels sold this summer and the remaining four now, the partners are happy to see the strategy pay off as expected.

“We are pleased that the conclusion of Grieg Maas delivered beyond our initial expectations for this investment case. Conventional bulk is a market where we have solid knowledge, allowing us to participate in this type of limited asset play. Our main business remains Open Hatch, which we consider an industrial shipping engagement,” says Grieg Maritime Group CEO, Matt Duke, and adds:

“Still, these sales provide equity to further invest in sustainable opportunities with Grieg Edge, as well as decarbonisation and digitisation transformation in the whole of the Grieg Maritime Group.”

For Grieg, discontinuing GriegMaas means we do not own any conventional bulkers anymore. Still, we remain in the bulk sector through some selected long-term time-charters.

Portrait of Matt Duke

Matt Duke, CEO Grieg Maritime Group