GriegMaas, the new bulker owning venture of Norway's Grieg Star, is set to expand its fleet with a third Chinese-built ultramax.
European shipbrokers said company has bought the 63,000-dwt GH Frankel (built 2012) for $16.9m from Celsius Shipping of Denmark.
Renewal strategy
Sveinung Tvedt, Bergen-based Grieg Star's communications director, said he could not comment on specific ships but added the strategy is for GriegMaas to increase its fleet.
GriegMaas was set up in January as a joint venture between Grieg Star and Maas Capital.
It originally took over two sisterships to GH Frankel from Grieg, the Star Athena and Star Eracle (both built 2012).
Celsius chief executive Jeppe Jensen could not be reached for comment.
The Danish shipowner bought the Yangzhou Dayang Shipbuilding-built GH Frankel in a bank sale in August 2016 for just less than $12.8m.
