January 22 ------ Japanese shipping major Mitsui O.S.K. Lines has completed the acquisition of a majority stake in Swiss open-hatch vessel owner and manager Gearbulk. After obtaining approval from relevant authorities, MOL now owns a 72% stake in Gearbulk.
In June 2024, MOL announced plans to take an additional 23% stake in the Swiss company and become the majority shareholder. Up until that point, MOL held 49% of the shares in Gearbulk. MOL has had a 34-year partnership with Gearbulk since its equity participation in 1991. With the consolidation, MOL’s fleet of dry bulk carriers will total 338 vessels, making it “the world-leading dry bulk fleet.”
Gearbulk’s open hatch fleet, said to be “the largest in the world”, will account for about 60 of those vessels, roughly 20%, and is expected to grow as a distinctive business and give the MOL Group a competitive advantage. MOL plans to develop a global sales network, which responds to the global economy’s changing supply chains and trade patterns, through Gearbulk’s highly specialized operations and worldwide network.
In addition, Gearbulk will further strengthen its services by creating synergies such as the creation of new business opportunities and improving the efficiency of ship allocation. MOL also expects these efforts to contribute to gaining a competitive advantage, strengthening cost competitiveness, and expanding its customer network.
In October 2024, Japanese conglomerate Marubeni also revealed its intention to buy the remaining 28% stake in Gearbulk from Kristian Jebsen and his family. The transaction will need to get green lights from competition authorities in multiple jurisdictions.
Source: offshore-energy.biz
Comments