Graig expands into Germany

Cardiff and Shanghai-based Graig Group is expanding into Germany. Graig has established a ship management company in Hamburg, and has sold and chartered back seven ships in a $24m KG deal backed by Hamburg-based KG broker Ownership Emissionhaus Gmbh.

Graig Shipmanagement (Germany) Gmbh will manage seven modern Confidence-class multi-purpose vessels, part of the nineteen-ship series which Graig built in China between 1997 and 2003. The first two vessels, CEC Confidence and CEC Cardigan, have already been offered to German investors, and the rest will follow during April.

"This move into Germany gives us access to a powerful and flexible source of equity finance, which we can use to back our long-term projects for building partnerships with end-users in shipping," explains Hugh Williams, ceo of Graig. "We recently signed up five orders for our Diamond 53 double hull bulk carrier in Vietnam, and we have ten further options there, in addition to the twenty ships we have ordered and are overseeing in China at present. We are in talks with major charterers over long-term employment for some of these vessels, and we expect to order further ships of different types and sizes in Vietnam and China. Our strategy is based on building partnerships with key investors, other owners, shipyards and end users, to create value throughout the shipping chain. Working with Ownership in Hamburg we can build a presence at the heart of a vibrant maritime cluster of high quality investors, owners and charterers which will help us realise that strategy. It is a very exciting development for Graig."

The seven Confidence class vessels are all 8,874 dwt 650 TEU and are commercially employed in the Clipper Elite Carriers pool.