Singapore: Greenship Holdings Expands Its Activities into Gas and Dry Bulk Sectors

Greenship Holdings, a fully owned Singapore subsidiary of JACCAR Holdings, has established two separate entities to expand into ship-owning and operating activities in the gas and dry bulk sectors.

Greenship Holdings is aiming to own and operate advanced, fuel efficient and environmentally friendly vessels. Its original commitment, totaling 30 vessels in the gas and dry bulk sectors, with a total investment of around $900 M has a secured financing structure and will go into operation in full within the next two years.

Greenship Gas

The company, fully owned by Greenship Holdings, has been established with the two-fold strategy of combining effective asset management with unparalleled in-house operations. With 100% ownership of Danish based EVERGAS (formerly Eitzen Gas and Eitzen Ethylene Carriers), its team of professionals handles all facets of the existing fleet of eight vessels and the 18 highly advanced vessels and options on the order book. Already this year EVERGAS will take delivery of the first of six in the state-of-the-art fully pressurized LPG Tiger 5000 cbm series which will be commercially operated by GasChem Services and technically managed by Hartmann Schiffahrts. As from 2013 EVERGAS will take delivery of the first in the series of 12 liquid ethylene carriers which will be added to the existing fleet of 13 vessels operated together with Solvang. All new buildings have been ordered from Sinopacific Offshore & Engineering shipyard in China.

Greenship Bulk

Wholly owned by Greenship Holdings, Greenship Bulk will manage its bulk shipping investments. Greenship Bulk is now the full owner of SETAF Group, a well renowned bulk shipping company that will continue to operate under its founder Jean-Louis BOTTARO supported by his team of professionals, technically and commercially experienced in all facets of bulk shipping activity. Greenship Bulk invested in a first series of eight new generation Ultramax 63.000 ton deadweight ships just at the right time. They were built in Yangzhou Dayang Shipyard, with environmentally friendly features and low consumption parameters under the direct supervision of SETAF’s technical team.

The first of these vessels “JS AMAZON” was successfully delivered on 1st March 2012 and the 2nd ship “JS COLORADO” will be delivered by the end of March 2012. Greenship Bulk will continue to invest in the dry bulk carrier segment, at the right time, with the deep technical and commercial involvement of the team that is essential for the success of those ventures.

Greenship Holdings intends to further expand its investments in green and advanced ships while opening up equity partnership to other investors into any Greenship entities.

[mappress]

Source: JACCAR, March 28, 2012