Mitsui O.S.K. Lines (MOL), which holds 49 percent of the shares in Gearbulk, will acquire an additional 23 percent stake in the company.
Kristian Jebsen and his family will retain a 28 percent shareholding in Gearbulk. The transaction is a continuation a partnership between Gearbulk and MOL that dates back to 1991. Gearbulk and the Grieg Maritime Group will continue to own 65 percent and 35 percent of bulk/breakbulk carrier G2 Ocean, respectively.
Jebsen will continue as chair of the G2 Ocean board and keep his role as chairman/ceo of Gearbulk. Gearbulk Holding will maintain its presence in Switzerland and Gearbulk Shipowning will relocate from Bermuda to Bergen, Norway.
Arthur English, G2 Ocean’s ceo, said: “This transaction reflects the strong and long-lasting relationship between Kristian Jebsen and MOL, and MOL’s support of G2 Ocean. We are excited to welcome MOL as a larger partner in G2 Ocean, and we look forward to working together to further expand and develop our services. G2 Ocean, Gearbulk, the Grieg Maritime Group and MOL share a commitment to providing safe, reliable and sustainable solutions for the dry bulk industry, and we are confident that this partnership will continue to enhance our capabilities and create added value for our customers and stakeholders.”
G2 Ocean recorded its second consecutive record year of project cargo volumes in 2023. English described 2023 as a turbulent year in the dry bulk market with substantial fluctuations, and the carrier performed its heaviest single cargo lift, a reactor weighing 376 tonnes.
A newbuilding programme is well under way, with eight open hatch/multipurpose vessels scheduled for delivery in 2026 and 2027. The 82,300 dwt vessels will come equipped with dual-fuel engines capable of operating both on fuel oil and ammonia or methanol.
