Today, Gearbulk Holding AG (Gearbulk) announced that Mitsui O.S.K. Lines (MOL), which currently holds 49% of the shares in Gearbulk, will acquire an additional 23% stake in the company and become the majority shareholder with 72%. Kristian Jebsen and his family will retain a 28% shareholding in Gearbulk.
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.