A fixture of the UK shipping scene is calling it a day as Welsh operator Graig Shipping looks to wind down operations.
The group was founded 105 years ago by Idwal Williams, but the third generation of the family has now decided to retire.
Graig, the trading unit of Idwal Williams & Co, said it has been known for its entrepreneurial and innovative approach.
The Cardiff company exited shipowning in 2019, its centenary year, and is now best known for its innovative Diamond bulker design, of which 86 ships have been ordered across six shipyards in Asia.
Chief executive Hugh Williams said: “The business has been an important part of Welsh and British maritime history and its successes will support the family in determining our next chapter and continuation of the legacy that it has created.”
Williams has instructed John Cullen, strategic solutions partner at advisory and accountancy company Menzies, to assist with the process.
Cullen said: “I am honoured to be able to work with a business with such a legacy, and the team here in south Wales and throughout my firm are fortunate to partner with an organisation and family that reflect our values.”
The company and Cullen have been contacted for further information on the process.
Graig was the owner of ship inspection company Idwal Marine Services until last year, when private equity firm LDC took over with a significant investment to support the development of its technology platform and expand its global service footprint.
Founder Idwal Williams bought his first ship, the Graig, in 1919.
The final two handysize bulkers were offloaded 100 years later, but Graig was still operating two vessels at the time and was reinventing itself for the next generation.
New ultramax design
The group and its partners aimed to concentrate on promoting its Diamond 2 ultramax new-generation design to Chinese shipyards, leasing companies and global shipowners.
Graig also published a book that year to showcase its rich history.
Graig: One Hundred Years in Shipping was written by renowned maritime historian Dr David Jenkins, honorary research fellow at the National Museum of Wales, with a foreword by Graig non-executive director Chris Hilton and a closing chapter by Hugh Williams.
The book charts Graig’s journey from its birth in an age of unprecedented commercial upheaval in Cardiff after the end of World War I and the beginning of Wales’ boom in coal exports
In 2022, Graig and UK shipowner James Fisher united to transform the wind farm support market with a new design concept.
The companies formed the Diamond Consortium to launch a series of service operation vessels (SOV) developed with Norwegian class society DNV and design partner Ulstein Design Solutions.
The Diamond SOV will use the innovative Ulstein Twin X-Stern, which features two sterns and four main propeller units: two at each end.
