Grieg Maritime

The Norwegian ship management company Grieg Star, a subsidiary of the Grieg Maritime Group, which is a privately held entity, is focusing on making career and motherhood more compatible for female seafarers. Grieg Star acknowledges the difficulties of managing both roles simultaneously. To aid its employees, Grieg Star has enhanced its maternity benefits. The company emphasizes its dedication to equity and familial principles, unveiling an improved maternity support scheme. Grieg Star stresses the importance of acknowledging the real-world struggles that women encounter in balancing family responsibilities with their professional lives at sea. The policy includes repatriating crew members by the 26th week of pregnancy and ensuring full salary payment for 100 days to offer financial stability leading up to childbirth. Post-delivery, Grieg Star offers 120 days of paid maternity leave, extending to 135 days for single mothers. Additionally, if a female seafarer is pregnant, out of a contract, and unable to serve on a ship due to her pregnancy, having completed five contracts with Grieg Star, she will receive 90 days of paid maternity leave. Grieg Star also plans to allow shorter contract durations in the future, limiting time at sea to four months with a subsequent three-month leave period, aiming to support their seafarers in maintaining their careers while managing family life. Grieg Star believes these initiatives are crucial, recognizing the daily sacrifices mothers make to ensure the smooth operation of its fleet. The company asserts that mothers deserve an equitable chance at success, irrespective of their work environment. Grieg Star, acting on behalf of the Grieg Maritime Group, manages or represents 30 vessels in the open-hatch bulk carrier segment, with operational teams based in Bergen, Norway, and Manila, Philippines. 22-February-2024


Bergen-based Grieg Green, a specialist in ship recycling within the Grieg Maritime Group, has recently acquired a majority stake in ReFlow, a Danish company known for its expertise in lifecycle emissions analysis. ReFlow has developed a notable digital platform that enables maritime businesses to document the carbon footprint of their products. This tool aids in making environmentally conscious and data-driven decisions across various stages of the maritime value chain, including raw material procurement, equipment selection, vessel design, fuel choices, operations, upgrades, retrofits, and end-of-life strategies. Looking ahead, Norwegian ship owner and operator Grieg Maritime Group’s subsidiary Grieg Green and ReFlow plan to collaborate on developing new digital services. Their joint efforts will provide shipowners with essential information and tools for sustainable decision-making. This collaboration will focus on aspects such as vessel design, decarbonization, optimization, and end-of-life planning. Grieg Green highlighted the complementary nature of the partnership in a statement. They pointed out that combining ReFlow’s lifecycle assessments, which cover the design, build, and operational stages of vessels, with Grieg Green’s recycling and site auditing expertise, along with their practical maritime experience, positions them as a leader in maritime lifecycle data and advisory services. Under the terms of the deal, Norwegian ship owner and operator Grieg Maritime Group’s subsidiary Grieg Green has taken a 51% stake in ReFlow for an undisclosed amount. Pia Meling, Managing Director of Grieg Green, will take on the role of chair, joined by Vidar Lundberg of the Grieg Maritime Group on the board. Rasmus Elsborg-Jensen, the founder of ReFlow, will continue his leadership as the CEO. 4-January-2024


Norwegian ship owner and operator Grieg Maritime Group, a privately owned company, has inked a contract for two (2) open hatch bulk carriers with CSSC-affiliated Huangpu Wenchong Longxue Shipyard, elevating Grieg Maritime Group’s new building count at the shipyard to four. Bergen-based shipowner and operator Grieg Maritime Group has capitalized on an option for two (2) additional ammonia-ready open hatch bulk carriers, each boasting a deadweight of 82K DWT, subsequent to confirming orders for two ships at Huangpu Wenchong Longxue Shipyard earlier in May 2023. The inaugural vessel from this quartet is slated for Q2 2026 launch, with its counterparts scheduled progressively throughout 2026. All open hatch bulk carriers will sail under the Norwegian flag, be classed by DNV, and comply scrupulously with BIMCO (Baltic and International Maritime Council) EEDI Phase 3 norms. These open hatch bulk carriers are christened “PulpMax”, has been meticulously crafted, drawing insights from Grieg Shipbrokers and G2 Ocean which is an alliance between Gearbulk and Grieg Star. Norwegian ship owner and operator Grieg Maritime Group announced a revamp of the new open hatch bulk carriers’ crane configuration. Each ship will now be outfitted with dual central VFD full-electric cranes, boasting a lifting prowess of 120 metric tons each. Furthermore, Grieg Maritime Group’s new open hatch bulk carriers will harness the power of MAN 10.6 engines. Last summer, Norwegian ship owner and operator Grieg Maritime Group decided to retrofit eleven (11) L-class 50K open-hatch bulk carriers to operate on ammonia bunkers. In 2021, Norwegian ship owner and operator Grieg Star Shipping changed the company name to Grieg Maritime Group. The new structure of Grieg Maritime Group comprises four (4) companies: Grieg Edge (technology), Grieg Star (ship management), Grieg Shipowning (shipowner), and Grieg Green (green recycler). 15-September-2023


Norwegian ship owner and operator Grieg Maritime Group, a privately owned company, has released an annual report resembling that of a public one, which discloses an incredibly profitable set of results. Bergen-based shipowner and operator Grieg Maritime Group was taken aback by the robustness of the dry bulk markets last year and capitalized on the cash windfall to finance a strategic reorientation that involved a post-pandemic dry-dock programme and investments in emerging technologies. Grieg Maritime has stated that a robust 2022 has supplied the necessary financial security to reinvest in the business, thereby essentially recuperating the losses incurred before 2021. Norwegian ship owner and operator Grieg Maritime Group has recently divulged undisclosed earnings derived from traditional bulk departure, following a profitable strategic shift accompanied by a fortuitous surge in dry bulk rates. In 2021, Norwegian ship owner and operator Grieg Star Shipping changed the company name to Grieg Maritime Group. The new structure of Grieg Maritime Group comprises four (4) companies: Grieg Edge (technology), Grieg Star (ship management), Grieg Shipowning (shipowner), and Grieg Green (green recycler). 21-April-2023


Norwegian ship owner and operator Grieg Maritime Group’s Head of Ship Management Atle Sommer express that Grieg Star was surprised about how comprehensive and complex the technical work will be to retrofit Grieg Maritime Group’s bulk carriers to run on ammonia. Grieg Star the ship management arm of Grieg Maritime Group commented that retrofitting bulk carriers to operate on ammonia is still too costly, the supply of the ammonia bunker is in its infancy and the unclear regulatory backdrop is slowing progress. These are the critical findings following a trial of ammonia bunker onboard Grieg Maritime Group’s bulk carriers shipping pulp cargoes on transatlantic trips. Norwegian ship owner and operator Grieg Maritime Group expected that the publication of a report will engage the broader shipping industry to assist figure out how these obstacles might be overcome when operating ships with ammonia bunkers. Last summer, Norwegian ship owner and operator Grieg Maritime Group decided to retrofit eleven (11) L-class 50K open-hatch bulk carriers to operate on ammonia bunkers. 18-March-2023


Norwegian ship owner and operator Grieg Maritime Group’s subsidiary Grieg Edge and Peak Group established a joint venture that is named Skarv Shipping Solutions. Skarv Shipping Solutions will order four (4) zero-emission coaster-size bulk carriers and start operating by 2025. In 2021, Norwegian ship owner and operator Grieg Star Shipping changed the company name to Grieg Maritime Group. The new structure of Grieg Maritime Group comprises four (4) companies: Grieg Edge (technology), Grieg Star (ship management), Grieg Shipowning (shipowner), and Grieg Green (green recycler). Project specialist shipowner Peak Group and Grieg Edge’s newly established joint venture Skarv Shipping Solutions plans to build and operate a fleet of multi-fuel, zero-emission coaster-size bulk carriers to assist renew the aged Norwegian coaster fleet. 7-November-2022


Norwegian ship owner and operator Grieg Maritime Group determined to retrofit eleven (11) L-class 50K open-hatch bulk carriers to consume green ammonia. Norwegian ship owner and operator Grieg Maritime Group want to decarbonize its ship operations. Previously, Grieg Star Shipping has rebranded as Grieg Maritime Group to avoid confusion with ship-management arm Grieg Star. Grieg Maritime Group was approached by the Oslo-based Green Shipping Programme (GSP). Green Shipping Programme (GSP) is a public-private partnership, that seeks to promote the Norwegian government’s maritime strategies and programs. Green Shipping Programme’s (GSP) vision is to expand and reinforce Norway’s plan to designate the world’s most efficient and environmentally-friendly shipping. Grieg Maritime Group’s incentive for participating in the Green Shipping Programme (GSP) project is to discover possible solutions to decarbonize the existing fleet, not just the vessels of the future. Grieg Maritime Group desires to be part of the solution. Grieg Maritime Group doesn’t want to sit and wait till someone else comes assisting the solution. Furthermore, DNV is promoting the Green Shipping Programme (GSP) pilot agenda. Besides Norwegian ship owner and operator Grieg Maritime Group, the world’s biggest exporter of eucalyptus pulp Brazil-based Suzano will be a key ally in the Green Shipping Programme (GSP). Like Grieg Maritime Group, Brazil-based Suzano is performing to lower the company’s carbon footprint and is enthusiastic to make the company’s ocean freight greener. Grieg Maritime Group will check how ammonia may be utilized on three (3) transatlantic trips that are hauling pulp. Grieg Maritime Group will examine how adequate ammonia bunkers may be stored onboard. Later on, Grieg Maritime Group will examine the availability, supply, and costs of ammonia for use as a marine fuel. Grieg Maritime Group will be assisted by ammonia producer Yara International, MAN Energy Solutions, Chevron, and Wartsila. Norwegian ship owner and operator Grieg Maritime Group notices ammonia as a possible future bunker source. 30-January-2022


Norwegian ship owner and operator Grieg Star Shipping and Maas Capital established GriegMaas AS in January 2019. GriegMaas AS is selling 2012 built supramax bulk carrier 58K DWT MV Star Eracle. Currently, GriegMaas AS owns and operates six (6) bulk carriers. GriegMaas AS desires to benefit from a robust S&P (sale-and-purchase) market. GriegMaas AS announced a plan focused on growth but may have been motivated by increasing ship prices in the secondhand market. Matt Duke-led Grieg Star Shipping has a fleet of 28 open hatch bulk carriers and 6 conventional bulk carriers. Bergen-based Grieg Star Shipping is part of the Grieg Group. GriegMaas AS joint venture further reinforces Grieg Star Shipping’s position within conventional bulk segments. Furthermore, Grieg Star Shipping and Gearbulk formed a joint venture which is called G2 Ocean. 26-May-2021


Norwegian ship owner and operator Grieg Star Shipping changed the company name to Grieg Maritime Group. Grieg Star Shipping has rebranded as Grieg Maritime Group to avoid confusion with ship-management arm Grieg Star. Recently, Grieg Maritime Group refinanced 2004 open-hatch bulk carrier 45K DWT MV Star Japan with DNB. The is worth $12 million over five years. Grieg Maritime Group moved from LIBOR to SOFR (Secured Overnight Financing). SOFR (Secured Overnight Financing Rate) is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing LIBOR (London Interbank Offered Rate) from the end of 2021. The new SOFR (Secured Overnight Financing Rate) is calculated differently from Libor and is considered less risky. SOFR (Secured Overnight Financing Rate) could lower borrowing costs for shipowners. LIBOR (London Interbank Offered Rate) can be calculated for three, six, or 12 months into the future, however SOFR (Secured Overnight Financing Rate) is calculated only overnight based on past transactions. The new structure of Grieg Maritime Group comprises four (4) companies:
– Grieg Edge (technology)
– Grieg Star (ship-management)
– Grieg Shipowning (shipowner)
– Grieg Green (green recycler)

Furthermore, Grieg Maas, a joint venture with Maas Capital, and G2 Ocean, a joint venture with Gearbulk in open-hatch and bulk shipping. Currently, Grieg Maritime Group owns and operates 34 bulk carriers. 1-February-2021


Grieg Star, a prominent player in the shipping industry, has recently made a strategic acquisition by purchasing a 22-year-old semi open-hatch bulk carrier from its competitor Westfal-Larsen. Westfal-Larsen, in its shift to focus exclusively on fully open-hatch bulkers, sold two of its semi-open hatch ships, the 50,000-dwt MV Mariana and MV Mobilana (both built in 1998), each for over $5 million. In a move that caught the industry by surprise, Grieg Star, also based in Bergen, acquired one of these Namura Shipbuilding-constructed ships, the MV Mobilana. A Grieg Star director confirmed the purchase, stating that the ship will be renamed MV Star Maia and integrated into the G2 Ocean bulk pool. This acquisition is part of a fleet renewal strategy, as the MV Star Maia will replace two older ships, the 43K DWT MV Star Gran (built in 1986) and the 40K DWT MV Star Fuji (built in 1985), which were sold for scrap last year. The director from Grieg Star explained that the MV Star Maia is considered a temporary addition to the fleet while they explore future ship designs and solutions. This purchase is seen as a step towards consolidating the open-hatch market. However, the company has not yet determined the duration for which the Star Maia will remain in its fleet. The buyer of the MV Mariana remains undisclosed. G2 Ocean, a joint venture established in 2017 by Grieg Star and Gearbulk, operates a significant fleet of 125 fully open and semi open-hatch ships. Meanwhile, Westfal-Larsen’s recent strategic moves include winding up its activities in Singapore through its holding company Skibsaktieselskapet Navigation and relocating to Norway. The company has also appointed Magne Morken as the senior vice president for its dry bulk activities. Magne Morken brings a diverse experience, having previously led gas tanker owner Solvang Shipping and chemical tanker owner Hansa Tankers. Two years prior, Lars Modin was hired as the CEO of Masterbulk, focusing on the technical operation of the ships, while Magne Morken will focus more on strategic and commercial aspects. Westfal-Larsen, established in 1905 and controlled by Rolf Westfal-Larsen and his family, has a fleet of 20 open-hatch bulk carriers with an average age of 18 years. Westfal-Larsen participates in the Saga Welco pool, operated in conjunction with NYK Line, which is one of the largest in this segment with a fleet of 53 open-hatch ships. 27-February-2020


Grieg Star, a Norwegian shipping company, has recently undertaken the recycling of its first ship in compliance with the new European Union regulations. The handymax vessel, a significant part of their fleet since 2016, is now being recycled under the EU Ship Recycling Regulation (EU SRR). The ship in question, the MV Star Gran, a 43,800-dwt geared bulker built in 1986, is scheduled for dismantling at the Leyal Ship Recycling Group located in Turkey. This EU-certified facility is situated near Aliaga on the Aegean coast, in proximity to the ship’s last unloading port. This recycling marks a change in Grieg Star’s practices, as the company had previously preferred Chinese shipbreaking yards for such activities. The company’s CEO, Camilla Grieg, commented on the occasion, expressing a sense of nostalgia in sending the 33-year-old MV Star Gran on its final journey. She acknowledged the vessel’s long-standing service to the company and the significance of this decision. Grieg Star views the EU Ship Recycling Regulation as a crucial step forward in enhancing sustainability within the maritime industry. The company’s dedicated subsidiary, Grieg Green, is responsible for overseeing the sale and demolition of the Star Gran, ensuring full compliance with the EU’s stringent recycling standards. 18-February-2020


Rune Birkeland has announced his departure from G2 Ocean, where he served as the chief executive since the company’s inception in 2017. He is set to take up a new role within the Grieg Group, returning to the organization where he spent a significant part of his career. G2 Ocean, a major player in the dry bulk sector, was formed through a merger of the open-hatch bulker operations of Grieg Group and Gearbulk. Taking over the CEO position from January 1 will be Arthur English, who is currently the chief commercial officer of the Bergen-headquartered G2 Ocean. English brings a wealth of experience to the role, having spent a combined 25 years at G2 Ocean and Gearbulk. Rune Birkeland reflected on his tenure with a sense of accomplishment, expressing gratitude for the opportunity to lead the company and acknowledging the collective efforts of the G2 Ocean team. He spoke highly of his successor, Arthur English, praising his significant contributions to the company’s growth and success. Birkeland expressed confidence in English’s capabilities to steer G2 Ocean through its next growth phase. G2 Ocean, with a fleet comprising around 130 open hatch bulkers, is a joint venture predominantly owned by Gearbulk (65%) and Grieg (35%). The company has shown positive financial performance, reporting a pretax profit of $4.1 million in 2018, an increase from $2.7 million in 2017. Birkeland highlighted the company’s successful strategies in reducing expenses and boosting income, leading to expectations of higher earnings by the end of the year compared to the previous year. 20-December-2019


G2 Ocean, a prominent Norwegian bulker operator, is broadening its business scope by venturing further into the project cargo sector, particularly in Germany and the United States. As part of this expansion strategy, the Bergen-based company, led by Rune Birkeland, is enhancing its team with the addition of three new senior project managers and establishing new offices in Houston and Hamburg. This strategic move aims to diversify G2 Ocean’s operations beyond its current stronghold in the geared open-hatch bulker segment. The company, a joint venture between Gearbulk and Grieg Star, boasts the world’s largest fleet of geared open-hatch bulkers, comprising around 90 open-hatch and 19 conventional bulkers, along with approximately 15 chartered ships, varying in size from handysize to panamax. The company’s strategic shift towards the project cargo market involves strengthening its presence in key locations. Cliff Kuhfeldt, previously with Bahri Logistics, will head the new office in Houston. Another project cargo manager will be based in Hamburg, and a third senior project manager will operate from G2 Ocean’s Asian regional hub in Singapore. Leif Arne Strømmen, the vice president for innovation at G2 Ocean, noted the improving results in the company’s project cargo segment. However, he emphasized the need for additional resources to meet their ambitious future goals. G2 Ocean plans to leverage its strong position in the pulp market as a foundation for developing its project cargo business. Additionally, the company is focusing on expanding its presence in the onshore wind market. Leif Arne Strømmen highlighted the importance of developing a diversified customer base across various industry segments to mitigate the risk of market disruptions. Since its establishment in April 2017, G2 Ocean has reported significant revenues, with $1.3 billion recorded in its first operational year in 2018. Gearbulk holds a 65% stake in the joint venture, while Grieg Star owns the remaining 35%. This expansion into project cargo marks a significant step in G2 Ocean’s continued growth and diversification in the global shipping industry. 16-September-2019


Grieg Star has taken a significant step in its fleet management strategy by selling an aged handymax bulk carrier for environmentally conscious recycling, while simultaneously enhancing its fleet through its sister company GriegMaas with the acquisition of a newer vessel. The ship sold for recycling is the MV Star Fuji, a 40K DWT geared bulk carrier built in 1985. It was delivered to the EU-approved Leyal Ship Recycling yard in Aliaga, Turkey, for green recycling. Over its 34-year lifespan, this South Korean-built open-hatch bulker is estimated to have sailed approximately 2.5 million nautical miles, equivalent to over 150 trips around the equator. Concurrently, GriegMaas welcomed a new addition to its fleet with the ultramax bulk carrier MV Star Damon, a 63K DWT ship built in 2012. This ship, which was acquired from Celsius Shipping of Denmark for a reported $16.9 million in early June, is set to replace Star Fuji in the G2 Ocean pool. Leyal Ship Recycling, a facility known for its commitment to environmentally responsible shipbreaking practices, previously dismantled another ship from Grieg Star, the 43K DWT geared bulker MV Star Gran, built in 1986. This decision to recycle the ship in Turkey rather than in the Indian subcontinent resulted in a significantly lower price for Grieg Star, demonstrating their commitment to sustainable practices despite financial considerations. This latest development marks a shift in Grieg Star’s approach to ship disposal. Historically, the company preferred Chinese shipbreaking yards for demolishing their vessels, with the last ship sold for demolition before MV Star Gran occurring in 2016. This move towards greener recycling practices reflects an increasing industry focus on environmental responsibility and sustainable operations. 20-August-2019


Camilla Grieg stepping down at Grieg Star Shipping after 20 years managing the company. Grieg Star Shipping new CEO will be Matt Duke and will take his duty in July 2019. New CEO Matt Duke has pledged to build on the Norwegian shipowner Grieg Star Shipping’s expertise while pursuing disruptive innovation. Previously, Matt Duke worked as the IT boss of Odfjell till the end of 2016 and then worked for Kongsberg. New CEO Matt Duke has been in the shipping business for 18 years. New CEO Matt Duke is aiming to take Grieg Star Shipping forward into a more digitized and decarbonized future. Matt Duke added that Grieg Star Shipping has been testing bulk carriers with real-time sensors and try to improve the use of analytics. Grieg Star Shipping has taken the decision not to install scrubbers on its fleet. Grieg Star Shipping will solve the International Maritime Organization (IMO) 2020 regulations by buying low-sulfur fuel oil. Grieg Star Shipping has decarbonization solutions, like its ZEEDS initiative with five other Nordic companies to work towards zero emissions. According to new CEO Matt Duke’s plans, Grieg Star Shipping will focus on better processes onshore and better scheduling of bulk carriers. Norwegian shipowner Grieg Star Shipping reported a loss in 2018. New CEO Matt Duke said it was too soon to talk about profit and loss for 2019 and onwards. Dry bulk market is still challenged and difficult market. Co-owner Camilla Grieg will be chairwoman of Grieg Star Shipping. 1-July-2019


In 2018, despite some improvements, Grieg Star of Norway reported another loss. The parent company, Grieg Group, however, saw an increase in its overall net profit, reaching $80 million compared to the previous $54.19 million. This was on the back of revenues amounting to approximately $1.15 billion, a slight decrease from about $1.17 billion in 2017. Overall, 2018 was a positive year for the Grieg Group, marked by growth in turnover across all segments. The shipping sector witnessed improved market conditions and greater synergies from the G2 Ocean joint venture, leading to enhanced earnings for the bulker division, Grieg Star. However, this division still faced a pre-tax deficit as the recovery in the open-hatch market continued at a slow pace. G2 Ocean has now become the world’s largest open-hatch shipping company. After hitting a low in 2016, conventional dry bulk operations bounced back to profitability. There was also an uptick in earnings for open-hatch operations, spurred by renewing several cargo contracts. During the year, the company divested its break bulk terminal in Squamish, Canada. Grieg Shipbrokers’ operations performed well in 2018, despite challenging market conditions. This was the first full year of operation for its subsidiaries in Hong Kong, Shanghai, and Singapore, which concentrated on chartering large bulk carriers. Particularly, the offshore department made significant strides in contracting, long-term chartering, and the buying and selling of service vessels for the aquaculture industry. Although there’s increasing activity in offshore service vessels, the prices achieved remain low. Looking forward, the group acknowledges the continued uncertainty in the shipping market, influenced by disrupted iron ore supply and Chinese restrictions on coal imports. Efforts are ongoing to enhance freight earnings and cut costs. The company expects a steady growth in world seaborne pulp demand from America to Asia and anticipates a moderate rate scenario in open-hatch going forward. The newly formed joint venture, Grieg Maas, with Maas Capital at the end of 2018, is set to become the group’s primary platform for dry bulk ship owning. 3-April-2019


Norwegian ship owner and operator Grieg Star Shipping sold 1986 built 43K DWT MV Star Gran for scrap in Turkey. Grieg Star Shipping will be getting a 76% lower price in other words $1.6 million less by scrapping an open-hatch bulker in Turkey instead of the Indian subcontinent. Grieg Star Shipping prefers green recycling in Turkey at Leyal Ship Recycling which has secured European Union approval. 1986 built 43K DWT MV Star Gran will be the first ship at the Grieg Star Shipping fleet to be demolished in Europe under the European Union’s Ship Recycling Regulation (SRR). MV Star Gran was due for a special survey in July 2019. Turkish recycling prices are around $250 per ldt, as opposed to $425 per ldt on the Indian subcontinent. Norwegian ship owner and operator Grieg Star Shipping last sold vessel for demolition in 2016. Grieg Star Shipping has historically opted for Chinese scrap-yards. Grieg Star Shipping’s sister company Grieg Green is overseeing MV Star Gran’s scrap sale and will ensure that work is compliant with European Union’s Ship Recycling Regulation (SRR) requirements. Grieg Star Shipping has two more vintage open-hatch bulk carriers that will be sold for green recycling. 1985 built open-hatch bulk carrier 40K DWT MV Star Fuji is due for a special survey in December 2019. MV Star Fuji is likely to be scrapped before December 2019. 1986 built open-hatch bulk carrier 43K DWT MV Star Grip is not due for a special survey until March 2021 and might be kept trading until March 2021. 9-March-2019


Norwegian diversified shipowner and seafood operator Grieg Group reported 2017 financial results. Grieg Group consisting of 4 divisions:

  • Grieg Seafood
  • Grieg Star Shipping
  • Grieg Shipbrokers
  • Grieg Finance Investments.

2017 was a good year overall for Grieg Group with its profit fed by a strong salmon industry and a developing ship investment. In 2017, Grieg Group reported a pre-tax profit of NOK 671 million ($85.5 million). In 2016, Grieg Group reported pre-tax profit NOK 870 million. In 2017, Grieg Star reported deep loss but the Grieg Shipbrokers division booked stronger results. Grieg Shipbrokers opened new offices in Singapore and Shanghai in order to focus on capesize and kamsarmax chartering. 6-April-2018

Grieg Group financial report:

Division Pre-tax profit 2017 (million) Pre-tax profit 2016 (million)
Grieg Seafood NOK 889 NOK 1,040
Grieg Star NOK -253 NOK -64
Grieg Shipbrokers NOK 10 NOK 1
Grieg Finance Investments NOK 368 NOK 11



Bergen-based shipowner Grieg Star Shipping has completed refinancing with a $400m package that pushed debt maturities. Current Grieg Star Shipping’s refinancing from five banks would help support further growth in the future. 17-June-2016


Grieg Star Shipping logged a net profit of $1 million in 2015. Dry bulk shipping division is in loss and suffering from the poor bulker market but the tanker shipping division is in profit and significant sale-and-leaseback transactions that contributed positively to the results in 2015. Grieg Shipping’s open-hatch division delivered better-than-expected results. Grieg Shipping’s staff of 46 operates out of offices in Bergen, Oslo, and London. 4-May-2016