Japanese shipping giant Mitsui O.S.K. Lines (MOL) has agreed to acquire a controlling stake in Gearbulk Holding AG (Gearbulk), a major operator of open-hatch vessels.

The deal, confirmed by both companies, will see MOL increase its ownership of Gearbulk from 49 per cent to 72 per cent by January 2025. Gearbulk’s founder, Kristian Jebsen, and his family will retain a 28 per cent shareholding.

The move strengthens MOL’s position in the dry bulk shipping sector and grants them access to Gearbulk’s expertise in transporting specialized cargo such as pulp, steel products, and project cargo. Gearbulk’s fleet of 60 open-hatch vessels, known for their wide hatches and efficient cargo handling capabilities, complements MOL’s existing fleet of various vessel types.

The consolidation is expected to create synergies by expanding MOL’s global network, optimizing vessel allocation, and potentially leading to new business opportunities. Open-hatch vessels are particularly suited for oversized cargo, making them valuable assets for sectors like wind energy transportation.

Gearbulk will maintain its presence in Switzerland, while its ship management operations will relocate from Bermuda to Bergen, Norway. Kristian Jebsen will continue to lead both Gearbulk and the G2 Ocean shipping group.

Commenting on the transaction, Arthur English, G2 Ocean’s Chief Executive Officer, said, “This transaction reflects the strong and long-lasting relationship between Kristian Jebsen and MOL, and MOL’s support of G2 Ocean. 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.”

MOL expects this strategic acquisition to significantly differentiate them from competitors, boosting their cost competitiveness and customer network. The company aims to leverage the combined expertise to accelerate revenue growth and enhance its long-term corporate value.