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.
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.
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.
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.
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.