Shanghai: 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, said, “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.”
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. [18/07/12]
