Cardiff-based shipping services entity The Graig Group, is looking to become a ship owner again by taking advantage of falling vessel values in the dry as well as wet sectors.
The company, which has 10 ships under management through its shipmanagement arm for three clients, nine of which are multipurpose vessels (MPP) and one ro-ro, is actively scouring the newbuild and sale and purchase market for the right vessels at the right price.
Graig’s growth strategy is clear: to increase its fleet to 50 ships over the next three years through a variety of different initiatives – getting back into ownership and, significantly, through the possible acquisitions of distressed assets; work out solutions with banks and any opportunities that may exist for joint ventures.
According to Ian Morgan, Chief Executive, Graig Ship Management, possible acquisitions might not be tonnage that has already arrived, but could be vessels half built: “That is where our expertise in the newbuilding side comes in. We have teams who can move in and finish the ships for the owner and then take on the management.
“We don’t own vessels at the moment but that is something we are looking to do in the future. We want to get back into owning when the price is right; we still feel prices are dropping and if a good deal comes along Graig will jump at the chance to get back into ownership,” he said.
The Graig Group is a broad-based international shipowning and shipping services group delivering technical and commercial ship management, newbuilding supervision, lay-up services, ship design, ship owning and ship finance to global clients who appreciate personal service.
Graig has been building, managing and owning ships since 1919. Today it provides technical management and crewing for a mixed fleet of vessels on behalf of a number of owners. It has supervised well over 100 newbuildings for itself and major shipowners. It develops innovative designs such as the Diamond bulk carriers and can source yards and finance and provide newbuilding supervision and follow up with in service management for any ship.
