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 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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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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