JACCAR Holdings Enters Into Gas and Dry Bulk Ownership

Greenship Holdings, a fully-owned Singapore subsidiary of JACCAR Holdings, has established two separate entities to expand into ship-owning and operating activities in the gas and dry bulk sectors.

Greenship Holdings is aiming to own and operate advanced, fuel-efficient and environmentally-friendly vessels. Its original commitment, totaling 30 vessels in the gas and dry bulk sectors, with a total investment of around $900 million, has a secured financing structure and will go into operation in full within the next two years.

Greenship Gas, a company fully owned by Greenship Holdings, has been established with the two-fold strategy of combining effective asset management with unparalleled in-house operations. With 100 percent ownership of Danish based EVERGAS (formerly Eitzen Gas and Eitzen Ethylene Carriers), its team of professionals handles all facets of the existing fleet of eight vessels and the 18 highly-advanced vessels and options on the order book. Already this year, EVERGAS will take delivery of the first of six in the state-of-the-art fully pressurized LPG Tiger 5000 cbm series, which will be commercially operated by GasChem Services and technically managed by Hartmann Schiffahrts.

Beginning in 2013, EVERGAS will take delivery of the first in the series of 12 liquid ethylene carriers, which will be added to the existing fleet of 13 vessels operated together with Solvang. All new buildings have been ordered from the Sinopacific Offshore & Engineering shipyard in China.

Greenship Bulk, wholly-owned by Greenship Holdings, will manage its bulk shipping investments. Greenship Bulk is now the full owner of SETAF Group, a bulk shipping company, which will continue to operate under its founder, Jean-Louis Bottaro, supported by his team of professionals, technically and commercially experienced in all facets of bulk shipping activity. Greenship Bulk invested in a first series of eight new generation Ultramax 63.000-ton deadweight ships just at the right time. They were built in Yangzhou Dayang Shipyard with environmentally friendly features and low consumption parameters under the direct supervision of SETAF’s technical team. The first of these vessels, JS AMAZON, was successfully delivered on March1, 2012, and the second ship, JS COLORADO, will be delivered by the end of March, 2012. Greenship Bulk will continue to invest in the dry bulk carrier segment.