UK: Graig, GMI Team Up to Provide Solutions for Problematic Shipping Exposures

The Cardiff-based Graig Group has teamed up with Global Maritime Investments to provide shipping lenders with tailor-made solutions for problematic shipping exposures.

Working together the two groups will provide lenders with workout solutions, safe havens and exit routes for distressed assets and underperforming shipping portfolios. The joint approach brings together the long-term ship management experience and bank contacts of Graig and the outstanding freight market expertise of GMI.

Hugh Williams, CEO, Graig Group, says, “This is a slow burn crisis for shipping banks and it is by no means over. Banks are currently only really lending to offshore and LNG projects, while nursing portfolios of tankers and bulkers which may be under the water in value terms and in many cases are underperforming as loans. They want a lot of ships off their books or under better commercial and technical management and with GMI alongside us we can deliver that. We know there is a queue of ship managers outside every banker’s door offering technical ship management, and there is private equity in the market place looking to pick up opportunities. This link up with GMI brings the two together in a powerful combination which can apply technical knowhow and commercial presence to help banks clean up their portfolios.”

Steve Rodley, Managing Partner of GMI says, “Our large physical portfolio and robust freight management systems provide a low-risk pool for tonnage, which is why we are the charterer of choice for risk-savvy counterparties. Extending this expertise into managed services is straightforward and offers an optimal solution to current market challenges. We chose to work with Graig due to their recognised excellence in technical management, in order to offer the best available product to the market.”

Graig has active ship management divisions in Cardiff and Shanghai and has close links with significant shipping banks. It provides regular inspection services and technical support to two major shipping banks. GMI is one of the largest freight trading groups in the world and consistently provides an outstanding risk-adjusted return to its institutional shareholders.

The Graig Group is a broad-based international shipping services, ship owning, and offshore group delivering technical ship management and commercial ship management, newbuilding supervision, offshore support services, expert consultancy, dry-dock management, ship inspections, lay-up services, ship design, ship owning joint ventures and ship finance to global clients who appreciate personal service.

Graig has been building, managing and owning ships since 1919. Today it provides technical and commercial management and crewing for a mixed fleet of vessels on behalf of a number of owners and banks and has supervised over 100 newbuildings for itself and major shipowners. Graig provides technical consultancy and management support services to two major banks with a financed fleet of over 100 vessels and also to a number of flag states. It develops innovative designs such as the Diamond bulk carriers and the Marlin fuel efficient container ships. It can source yards and finance for all vessel types and provide newbuilding supervision and follow up with in service management.

Graig employs a global maritime workforce drawn from the UK, China, the Philippines, Vietnam, India and Russia and has offices in Cardiff, London, Oslo Shanghai and Hong Kong. Graig Group staff bridge the gap between sea and shore, between east and west to bring the best in innovation, service and partnership to the global shipping industry.

The Global Maritime Investments Group is one of the largest privately-owned freight trading groups in the world in terms of both size of fleet operated and turnover, typically operating 60 to 80 dry bulk vessels. GMI is financed by major institutional shareholders.

GMI employs around 30 professionals based in Athens, Cayman Islands, Cyprus, London, Monaco and Singapore with expertise in physical freight trading and chartering, freight futures hedging and trading, fund management and commodity and shipping finance.

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Source: Graig, July 18, 2012