Norway’s Transparency Act mandates that businesses disclose their efforts to respect fundamental human rights and prevent adverse impacts. The 2023 report is a reflection of our core values and showcases the strides we have made in aligning our operations with these rigorous standards. It is publicly accessible, allowing stakeholders to review our progress and hold us accountable.

Key Highlights

Comprehensive Human Rights Due Diligence
Gearbulk has conducted thorough due diligence to identify, assess, and mitigate human rights risks in our operations and supply chains, ensuring transparent and ethical practices.

Detailed Reporting and Metrics
Our report provides an in-depth analysis of our human rights performance, adopting the United Nations Guiding Principles on Business and Human Rights (UNGPs) for robust and globally recognized reporting.

Enhanced Stakeholder Engagement
Gearbulk has strengthened engagement with employees, suppliers, and communities to ensure that human rights concerns are effectively addressed, fostering a collaborative environment for continuous improvement.

Training and Awareness Programs
Extensive training programs emphasising the importance of human rights have been implemented in order to equip our workforce with the knowledge to uphold these values.

Grievance Mechanisms and Remediation
Robust grievance mechanisms are in place to allow affected individuals to report concerns and access remediation, reinforcing our commitment to accountability.

The 2023 Annual Transparency Act Report marks a significant step in our journey towards greater transparency and accountability. By aligning with Norwegian laws and regulations, we reaffirm our commitment to ethical business practices and the promotion of human rights.

We invite all stakeholders to review our report and join us in promoting human rights.

View the report here: Gearbulk Transparency Act Report 2023

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The transaction is a natural continuation of the close and long-term partnership between Gearbulk and MOL, which dates back to 1991. Gearbulk and the Grieg Maritime Group, will continue to own 65% and 35% of G2 Ocean, respectively.

Kristian Jebsen will continue as Chair of the G2 Ocean Board of Directors and keep his role as Chairman and CEO of Gearbulk. Gearbulk Holding will maintain its presence in Switzerland and Gearbulk Shipowning will relocate from Bermuda to Bergen, Norway.

MOL – world’s largest shipping company

As a global leader in shipping, MOL brings valuable industry knowledge and financial resources that will support G2 Ocean’s and Gearbulk’s continued success.

Kristian Jebsen, Chairman and CEO of Gearbulk, commented on the deal in a joint press release from Gearbulk and MOL:

“I am pleased that MOL has committed to continue to invest in and develop Gearbulk as its main owner. They know the business well as shareholders for more than thirty years and acknowledge Gearbulk’s strong market position and concepts.”

Toshinobu Shinoda, Senior Executive Officer at MOL expressed his gratitude and appreciation for the partnership with Jebsen and Gearbulk.

“We have had an excellent collaboration with Kristian Jebsen for many years, and we are pleased and grateful that his experience and expertise will continue to be available for Gearbulk and G2 Ocean,” he said, adding:

“We know that Mr. Jebsen has been committed to ensuring a long-term and strong ownership in Gearbulk, and we will do our utmost to further develop the company’s strong international position.”

About Mitsui O.S.K. Lines
Mitsui O.S.K. Lines (MOL) is a Japanese transport company with headquarters in Tokyo, Japan. The company was established in 1964 by the merger of Mitsui Lines and O.S.K. Lines and has roots back to 1878.

MOL is one of the largest shipping companies in the world with a fleet of over 870 vessels. The company provides marine transportation and logistic services and operates a fleet of container ships, car carriers, crude and chemical tankers, gas carriers, bulkers and various types of other vessels.

MOL is listed on the Tokyo Stock Exchange.

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The theme for this year’s reporting suite is ‘Propelling Forward,’ representing our commitment to creating long-term value by taking responsibility for the future through the choices we make today. Assessing our impacts, both positive and negative and adjusting our strategy accordingly is imperative to ensuring a sustainable business.

Our 2023 reports showcase a series of enhancements aimed at providing our stakeholders with a deeper understanding of our performance and progress over the past year. Through improved content, accuracy, and presentation, Gearbulk strives to offer comprehensive insights into our operations and initiatives.

One significant achievement highlighted in our 2023 reports is that Gearbulk is now reporting in accordance with the Global Reporting Initiative (GRI) standards. By adhering to these internationally recognised guidelines, we ensure that our reporting meets the highest standards of transparency and accountability, allowing for meaningful comparisons and assessments of our sustainability efforts.

“Gearbulk remains steadfast in our commitment to openness and integrity. Our alignment with the GRI standard not only strengthens our position as responsible corporate citizens but also underscores our dedication to making a positive impact on the world. This milestone further solidifies our pledge to open communication and responsible business practices, ensuring transparency and accountability in all our endeavours,” says Kristian Jebsen, CEO and Chairman of Gearbulk Holding AG.

Please click on the relevant cover to view the report:

We welcome your feedback and insights as we continue on our journey towards a more sustainable and responsible future. If you have any comments which could support or enhance our reports, please reach out to us by sending an email to: stakeholderrelations@gearbulk.com.

*The Financial Statements are not publicly available. 

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The company has secured financing for the vessels, and CSSC Huangpu Wenchong Longxue shipyard will deliver the first two vessels in the first half of 2027. These orders represent the first step of the company’s newbuilding programme, and form part of an ambitious fleet development and renewal plan to meet our customers’ needs and future emission targets.

“This contract for four newbuildings marks a significant milestone for Gearbulk as these vessels are set to be the largest and most efficient in the company’s history,” says Kristian Jebsen, CEO, Gearbulk Holding AG.

“With this investment, we are not only enhancing our operational efficiency but also reaffirming our dedication to meeting the evolving needs of global trade. It’s a proud moment for Gearbulk, and we look forward to the positive impact these vessels will bring to our customers.”

Pulpmax
The ammonia / methanol ready, open hatch ships will have eight holds /hatches and four electro-hydraulic jib cranes with safe working load (SWL) lifting capacity of 2x 75 metric tonnes and 2x 120 metric tonnes. Dedicated deck space on either side of the accommodation has been incorporated into the design for the future installation of fuel tanks for alternative fuels. With a length overall of 225 meters and beam of 36 meters, this new vessel design has been designated as a ‘Pulpmax’.

The newbuildings will not only strengthen Gearbulk’s business, but also serve as a catalyst for the growth and success of G2 Ocean by providing enhanced cargo handling capabilities and greater flexibility in their service offering. Furthermore, these newbuildings signify Gearbulk’s commitment to environmental sustainability as they are equipped with technologies aimed at reducing emissions and minimising environmental impact.

The four new ships will be commercially operated by G2 Ocean and will trade alongside newbuilding sister vessels recently ordered by Gearbulk’s joint venture partner, Grieg Maritime Group. The strategic alignment of the newbuildings’ design not only fosters synergy between the respective fleets but also promotes collaboration and ultimately strengthens G2 Ocean’s position in the market. The ships’ design makes the vessels very well suited in the G2 Ocean long-haul pulp core trades, while simultaneously strengthening G2 Ocean’s overall capacity and enhanced ability to provide a best-in-class service offering to its customers.

About Gearbulk
Gearbulk is a world-leading player in the open hatch bulk shipping segment, controlling a combined fleet of about 65 open hatch and other specialised vessels. The fleet is commercially operated by G2 Ocean, where Gearbulk is the majority owner.

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Media enquiries
Sjur Gjerde
Managing Director
+47 9952 9495
sjur.gjerde@gearbulk.com

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*The Financial Statements are not publicly available .

If you have any comments which could support or enhance our reports, please reach out to us by sending an email to: stakeholderrelations@gearbulk.com.

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The theme of the 2022 report suite is “Waves of Action,” building on the previous year’s efforts and momentum, which has resulted in a new suite of reports that include:

• Integrated Report
• ESG Report
• Financial Statements*

“We are excited to introduce our new reporting suite to our stakeholders,” says Kristian Jebsen, Chairman of Gearbulk. “Our goal is to empower our stakeholders with the information they require to support decision making, track our performance and uncover valuable insights. Our reporting suite is designed to be user-friendly, yet powerful, and we believe it will enhance our stakeholder engagement.”

In today’s dynamic business environment, it is essential to develop our organisation to not only comply with various laws and regulations but also create value where the organisation is able to. This new reporting suite aims to provide such information to our stakeholders.

If you have any comments which could support or enhance our reports, please reach out to us by sending an email to: stakeholderrelations@gearbulk.com.

*The Financial Statements are not publicly available. 

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The Facility is the first sustainability-linked financing of the Gearbulk group. The margin is linked to the compliance with certain pre-defined trajectory levels of two key performance indicators; annual efficiency ratio (“AER”) measuring CO2 emissions and total recordable injury cases frequency (“TRCF”). AER measures CO2 emissions intensity in accordance with IMO definitions . TRCF is a measurement of all injuries save for first aid cases.

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.

Media enquiries

Gustav Ellingsen, Head of Treasury
+44 20 809 20539 | +41 79 929 3977
gustav.ellingsen@gearbulk.com

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