MOL’S Gearbulk stake hits 72% - PortNews
News

Deal finalized after anti-trust authority approval

MOL’S Gearbulk stake hits 72%

by Port News Editorial Staff

In a press release MITSUI OSK Lines has announced that it has finalized its acquisition of 72% of Gearbulk Holding.

The Japanese shipping company points out that Gearbulk, specialized in dry bulk through the G2Ocean shipping company founded as a joint venture with Grieg Star, operates one of the world’s largest open hatch and semi-open jib crane fleets.

MOL previously held a 49% stake in Gearbulk before reaching an agreement to increase its equity position last year. The deal was finalized once the antitrust authorities gave their approval.

Based in Switzerland, Gearbulk operates a fleet of around 60 specialized open-hatch vessels, ideal for transporting goods such as steel, forest products and project cargo. The deal will allow MOL to expand its bulk carrier fleet to 338 vessels.

At the end of 2023, Gearbulk reported a net worth of $489.6 million.

Translation by Giles Foster

Go to Top