Reports / April 10 2011

Annual Report 2010

Annual Report

Our vision; “Create lasting value through our common effort”, continues to guide us in our work to build and execute our long-term strategy. Our worldwide organization of people with the full spectrum of expertise required to run our type of industrial specialized bulk shipping has long a history and experience. However, we have only had a little more than one year to work together as one team. 2010 was the first full year we operated as Grieg Shipping Group, with the same vision and aggressive strategy.

The combination of establishing our longterm growth strategy, both within our Open Hatch and our Conventional Bulk activity, and organizing our people in what we believe to be a more optimal structure for efficient operations, gave us the courage and the tools to begin executing our strategy.

Last year Grieg Shipping Group entered into the largest new-building programme in the history of the company, with ten open hatch vessels contracted at Hyundai Mippo in Korea and two Supramax vessels from Dayang in China, all to be delivered in the period 2012 – 2014. Each of these ships will be equipped with state-of-the-art environmentally friendly technology to serve our customers’ needs for the future.

This is a huge investment that underlines our belief in our business segments, our market position and our organization. However, it clearly also puts pressure on our ability to deliver financial results and returns on the substantial equity invested in this newbuilding programme.

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