Grieg Star and Maas Capital establish joint venture

Jan 10, 2019

Grieg Star and Maas Capital have established a joint venture for ownership of Supramax- and Ultramax vessels. The new company is named GriegMaas AS.

The joint venture was established in December 2018. The companies have each 50 percent ownership of the GriegMaas joint venture.

The company 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, was sold to GriegMaas early January 2019. Further expansion of the fleet is planned for 2019.

“We are pleased to have found a solid partner in Maas Capital. GriegMaas will further strengthen our position within the Supramax and Ultramax segments, and thus further strengthen G2 Ocean’s Bulk activities” says Grieg Star CEO Camilla Grieg.

“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” says Head of Maas Capital Mark Ras.

Mark Ras,
Head of Maas Capital

Maas Capital (“Maas”) is a global dedicated and specialised equity provider to the shipping, intermodal and offshore industries. In these segments, Maas partners with top-tier industry owners and operators. The team consisting of industry experts has a vast network in both the shipping and offshore segments, whereby it combines investment expertise with industry knowledge.

Camilla Grieg,
CEO of Grieg Star

Grieg Star is a ship owning and operating company within the open hatch and dry bulk segments. We are a part of the Grieg Group, with a history back to 1884. Together with Gearbulk we own the largest open hatch shipping company in the world, G2 Ocean. We own or operate between 35 and 40 vessels at any given time, with approximately 750 employees in total. A part of Grieg Star is Grieg Green, one of the few companies providing sustainable ship and rig recycling in the world.