Shanghai: Private shipowner Greathorse, in testament to its namesake, is hitting its stride. Even as other owners flounder, Greathorse remains profitable and has ordered twelve fuel-efficient 64,000 dwt ultramaxes – split evenly between Chengxi and Yangzijiang Shipbuilding.
Presiding over the company, the amicable Henry Chiang is well placed to steer a steady course. Chiang was the area manager for the greater China region at Lloyd’s Register for three years before joining Greathorse in 2005 and comes from a long line of seafarers. His father and grandfather both worked in shipping.
The company, founded in 1997 by Xue Chao Cun andis affiliated with Hong Kong private investment firm Tiger Group Investments, puts its success in part down to its relationship with the Chinese shipping industry. “The company is well connected to shipping in China. Our clients include Huaneng Group, China Shipping and Sinochem,” says Chiang.
Focus on long-term charters to high-quality charterers is key, he says. “We only charter to first-class charterers.”
Another advantage the company has is its affiliation with Tiger Group, which provides financial and industry support, says Chiang.
The firm is comfortable with evolving. Greathorse started life as a business consultancy that brokered shipping deals for foreign owners, but in 2005 morphed into an owner. However, despite its appetite for change, the company is comfortable with the conventional types of vessels that it operates and is not planning to move into hi-tech ships.
“We are not looking at LNG or offshore vessels. Although we are always on the lookout for investment opportunities” says Chiang. “We want to focus on the traditional ships that we know we do well.”
Chiang was speaking to our sister title SinoShip as one of the regular four shipowner profiles carried in each issue of the quarterly dual language magazine. To read the full interview, launched yesterday in the run up to next week’s Marintec China in Shanghai, click here. [29/11/13]
NEED TO KNOW: Greathorse Shipping
FOUNDED IN 1997, Greathorse Shipping is a private company focusing on small containerships, chemical and oil tankers and bulk carriers. One of the few owners to still be making a profit, the company currently has a fleet size of 22 ships and 12 ships on order. Leases are mainly long-term charters with maturities of between 12 and 15 years.