Shipping company Grieg Star and investment management firm Maas Capital have established a joint venture for ownership of Supramax and Ultramax vessels.
Formed in December 2018, the joint venture is named GriegMaas AS. Each of the two companies has 50 percent ownership of GriegMaas.
As informed, the JV aims to acquire high quality Supramax and Ultramax bulkers.
G2 Ocean will be responsible for the commercial management of the vessels, while Grieg Star will provide corporate and ship management services to GriegMaas.
As a first step, the two Grieg Star Supramax vessels, Star Athena and Star Eracle, were sold to GriegMaas in early January 2019. Further expansion of the fleet is planned for 2019.
“GriegMaas will further strengthen our position within the Supramax and Ultramax segments, and thus further strengthen G2 Ocean’s Bulk activities,” Camilla Grieg, Grieg Star CEO, said.
“This investment exemplifies our investment approach, in which we aim to invest in top-tier assets together with leading and longstanding industry players. Maas Capital is excited about this new partnership with Grieg Star,” Mark Ras, Head of Maas Capital, commented.
Based in Norway, Grieg Star is a ship owning and operating company within the open hatch and dry bulk segments.
Part of ABN AMRO, Dutch Maas Capital is a dedicated investor focusing on the shipping, intermodal and oil & gas sectors.