With our ongoing commitment to ESG and collaboration with our stakeholders, we are dedicated not only to meeting our targets but also to developing our reporting structure. 2021 has been the year of improvement and the theme for the 2021 report is “Creating waves of Action.” We acknowledge that this is a journey and continuous initiatives are currently in place to exceed previous years’ targets.

Any feedback to our report will support our dedication to a continuous improvement of our process.

Read our report: Gearbulk Sustainability Report 2021 – Waves of Action

The post Gearbulk Sustainability Report 2021 appeared first on Gearbulk.

With our ongoing commitment to ESG and collaboration with our stakeholders, we are dedicated not only to meeting our targets but also to developing our reporting structure. 2021 has been the year of improvement and the theme for the 2021 report is “Creating waves of Action.” We acknowledge that this is a journey and continuous initiatives are currently in place to exceed previous years’ targets.

Any feedback to our report will support our dedication to a continuous improvement of our process.

Link: 2021 Sustainability Report

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The COVID-19 pandemic has significant impacts on seafarers around the world. To prevent virus infection, many countries have imposed bans or restrictions on travel and crew changes, making it difficult for seafarers to join their ships or return home.

In December 2020, the International Maritime Organization (IMO) announced that approximately 400,000 seafarers are stranded on ships beyond the expiry of their contracts, while another 400.000 seafarers were unable to get to work.

To protect the rights and wellbeing of the seafarers, Gearbulk signed the Neptune Declaration on Seafarers Wellbeing and Crew Change – a global call to action to end the ongoing crew change crisis.

The Maritime Industry Crew Change Taskforce developed the declaration after the Global Maritime Forum’s 2020 Virtual High-Level Meeting.

Commits for 4 Key Actions

The declaration is a joint global “call to action” to revitalise and underline the ongoing crewing crisis. It focuses on actions needed to ensure crew changes and safeguard global supply chains:

• Recognise seafarers as key workers and give them priority access to Covid-19 vaccines.
• Establish and implement a gold standard health protocol based on existing best practice.
• Increase collaboration between ship operators and charterers to facilitate crew changes.
• Ensure airline connectivity between key marine hubs for seafarers.

The present situation for seafarers worldwide clearly shows that they have not yet received the status of being Key Workers. The challenges continue, both related to legislation and actions taken in port, and actions taken by cargo owners and charterers.

The Neptune Declaration is developed by The Maritime Industry Crew Change Taskforce which consists of organisations such as the Global Maritime Forum, International Chamber of Shipping, International Maritime Employers’ Council, and the World Economic Forum.

Learn more about the Neptune Declaration and see the full list of undersigning companies and organisations here.

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The latest cost reduction measure initiated by Gearbulk is the renegotiation of charter rates with Japanese shipowners who have their vessels on long term charters to the company. As an industrial tonnage provider, Gearbulk needs at all times to operate a competitive fleet balanced with cargo commitments; a number of the charter contracts made in earlier years are based on newbuilding prices and rates which are no longer sustainable going forward.

“The unforeseen and unfortunate pandemic crisis adds further strain on an already difficult international business environment, and everyone needs to adjust their expectations and adapt to this new reality. It is ‘adapt quickly or die slowly’,” says Chairman Kristian Jebsen.

“The recent negative development comes on top of a grim dry cargo shipping market that has struggled with unsustainably low freight rates for several years. The business of Gearbulk, like most other international shipping companies, is also negatively affected by this situation. Although the challenges are caused by events beyond our control and influence, we continue to identify and impose any measure within our power to fight the challenges, with the view to protect the business and safeguard the future interests of our employees, business partners and other stakeholders,” Jebsen says.

The company has over the last few years implemented effective counter-measures through a substantial cost reduction program, a wide-reaching organizational restructuring, a bank debt rescheduling as well as a sale and lease-back program for several vessels in the Gearbulk fleet.

In addition to such cost savings and continued financial backing from its owners, the K. Jebsen family and Mitsui O.S.K. Lines (MOL), Gearbulk has taken the lead in industry consolidation by forming the world’s largest pool of open hatch carriers. The G2 Ocean pool was put together with Grieg Star Shipping for the marketing and operation of the two companies’ combined fleets. This initiative has been very successful and provides the customers with greater flexibility, reliability and competitive freight rates through the combined reputation of Gearbulk and Grieg Star, the experienced and professional G2 Ocean organization and the world’s largest fleet of open hatch vessels.

“I think we have to realize that the current challenging climate, abound with uncertainties and unpredictability, will continue for the foreseeable future. Nobody is immune to the negative effects of this disruption, and everyone exposed to international trade will have to review their business model and the financial exposure from deals made in earlier years,” says Jebsen.

“We trust our Japanese partners will support this measure and adapt to this new reality, as other stakeholders in Gearbulk are doing,” Jebsen says.

Gearbulk is a long term, world leading player in the open hatch bulk shipping segment, controlling a combined fleet of about 70 open hatch, other specialized and conventional vessels. The fleet is commercially operated by the G2 Ocean pool, where Gearbulk is the majority owner.

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From May 1st, vessels sailing for G2 Ocean have started to be rebranded. They will have the G2 Ocean logo on the funnel, a G2 Ocean charterer’s flag, and the name of the company on the ship’s side. G2 Ocean vessels will all have black funnels, and blue or black hulls.

Gearbulk are proud to say that the Lawin Arrow is the first fully rebranded ship in the G2 Ocean fleet of 130 vessels. With that many vessels, the rebranding will take time, but we will not be taking them out of service to do this. Instead, the rebranding will happen as the vessels go into dock to ensure continued high-quality service to our customers.

The post The first G2 Ocean vessels at Sea appeared first on Gearbulk.

Tuesday 21st of February the US decided to approve the establishment of G2 Ocean.  Authorities in Poland, Germany and Brazil have already approved G2 Ocean.

This means the joint venture between Gearbulk and Grieg Star is a vital step closer to reality. The project is on schedule to have G2 Ocean fully operational by the end of the first half of 2017.

“We anticipated such a conclusion from the authorities. But that does not mean the final approval was not received with joy. Now we roll up our sleeves and continue the hard work. Our goal is still to create a world class shipping company for the future” , G2 Ocean CEO Rune Birkeland says.

G2 Ocean will operate a fleet of open hatch, semi open hatch and conventional bulk vessels. The total number of vessels will be over 130. The worldwide offices will provide a strong presence on every continent. This will ensure the G2 Ocean is best placed to serve all customer’s needs.

The post G2 Ocean given all anti trust approvals appeared first on Gearbulk.

This letter includes an appeal to the industry to ensure correct analysis and documentation of the material loaded on board vessels to prevent similar tragic losses to those suffered on the Bulk Jupiter happening again.

Link to Letter

The post Bulk Jupiter – Risk Of Liquefaction appeared first on Gearbulk.

Please see Press Release for full details.

The post Gearbulk and Grieg Star announce intention to enter a joint venture appeared first on Gearbulk.

G2 Ocean will combine the companies’ global resources and expertise to operate the parties’ combined fleet of open hatch, semi open hatch and conventional bulk vessels. G2 Ocean will be jointly controlled by Gearbulk and Grieg Star, with Gearbulk owning 65% and Grieg Star owning 35%.

The total number of vessels operated by G2 Ocean will be over 130. The worldwide offices will provide a strong presence on every continent and ensure the G2 Ocean is best placed to serve the customer’s needs locally and globally.

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Sustainability continues to be an important priority for us and it is embedded into our vision and long-term strategic plans. We believe that our enduring commitment to sustainability is becoming a key differentiator in the supplier selection process and it is our aim to be the supplier of choice in our markets.

We strive to create a safe, healthy and productive working environment for all our employees, visitors and contractors.

2015 saw the worst disaster in the company’s history when Bulk Jupiter capsized and sank off Vietnam with 18 of our 19 colleagues on board. It has been an emotionally distressing time and our thoughts and prayers are with the families and friends of the Bulk Jupiter crew. Following this tragic event Gearbulk has been working on reducing the operational hazards associated with carrying certain types of cargo and will continue to do so.

Given the current global market in which we operate is extremely challenging, business proved to be ever more demanding in 2015. In spite of this, there is no doubt that our commitment to sustainability is unchanged.

It is a continued priority for Gearbulk to take a role in finding solutions to reduce our environmental impact while growing our business.

Highlights in the report include reaching an 18.2% reduction in carbon emissions in 2015 compared to 2010 levels, several other environmental initiatives, safety programmes and giving back to society.

Thanks go to all who have contributed to make Gearbulk a truly Sustainable company.

Please enjoy your read. Please click on picture below to open up the report:

https://issuu.com/fdk_publishing/docs/gearbulk_sustainability_report_2015

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