Grieg Star is a maritime corporation 1 with activities within ship owning, management and business development.
Together with Gearbulk, the Group owns the largest deep-sea breakbulk carrier in the world; G2 Ocean. Grieg Star controls around 40 open hatch and dry bulk vessels, served by approximately 830 employees. Part of the Group is also Grieg Green, one of few companies providing sustainable ship and rig recycling worldwide. The Group has offices in the Philippines, China and Oslo in addition to the headquarters in Bergen.
Being part of the Grieg Group, Grieg Star shares the values and commitment to corporate responsibility, ethical business conduct and the environment. Grieg Star has established Grieg Edge, to grasp the opportunities of decarbonisation and digitisation in a fast-moving maritime world. Grieg Edge will explore possibilities adjacent to its core business and take part in delivering on the Grieg Group commitment: “We will restore our oceans”.
Areas of operation
Owner of the commercial operator G2 Ocean: In 2017, Grieg Star and Gearbulk combined their two organizations’ commercial expertise, establishing G2 Ocean. Since then, the joint venture has become the largest deep-sea breakbulk carrier in the world, with a fleet consisting of about 130 vessels, trading in one open hatch and one dry bulk pool. With a local presence in 13 locations around the globe, G2 Ocean serves 32 trade routes on six continents and makes over 4000 port calls in more than 70 countries each year. Offering sustainable shipping solutions is at the core of the company’s business, delivering efficient, flexible, reliable, innovative and high-quality services to customers worldwide. The primary commodities transported are wood pulp and other forest products, aluminium, steels, granite, and industrial minerals. Project cargo is an expanding area, as open hatch vessels are ideal for transporting windmills, yachts and other non-unitized cargos.
Owner and manager of open hatch vessels: Grieg Star’s specialised ships, being equipped with gantry or swing cranes and box-shaped holds, are constructed to offer a versatile transportation concept delivering superior cargo care through advanced handling and loading operations. The majority of the 30 open hatch vessels controlled by the Group per year-end 2019, having an average age of 13 years, are managed in-house. Grieg Star focuses on long-term competence development both onboard and ashore, not only in-house but also through partnerships. Highly qualified seafarers, with a high return rate, is emphasized to ensure familiarity with the ships and their operational requirements.
Owner and manager of dry bulk vessels: Grieg Star’s conventional dry bulk activity consisted per year-end 2019 of a modern fleet of six geared supramax/ultramax vessels, owned by Grieg Maas a 50/50 joint venture with Maas Capital, and four ultramax vessels chartered long term. All the vessels, having an average age of 4 years, are operated in G2 Ocean’s dry bulk pool. As the pool has many ships of similar design, they are easily interchanged between trade regions, a significant advantage to G2 Ocean’s customers at a time when bulk commodity trade patterns are shifting.
Financial asset management: The main objective of Grieg Star’s financial portfolio is to provide overall financial stability and solidity to the Group. The capital is managed in mutual funds, based on a long-term investment policy with defined ESG requirements.
Green recycling and IHM: Grieg Green provides services in connection with environmentally sound recycling at pre-approved shipyards. So far, more than 100 ships and offshore recycling projects have been completed, and 500+ Inventory of Hazardous Materials have been issued.
1 Grieg Star Group AS (“GSG”) is the parent and holding company of the consolidated group of companies in Grieg Star – which is the group’s brand name – (also referred to as “the Group” and “the Company”. GSG supplies management services to its subsidiaries within strategy, administration, accounting, finance, legal, business development and processes as well as IT and HR. The vessels are owned by tonnage taxed companies. Ship management is mainly provided by Grieg Star AS.