Japan's Marubeni Corporation has entered into an agreement to invest in Gearbulk Holding, an open-hatch shipping operator headquartered in Switzerland, Marubeni confirmed via a press release dated June 2.
The investment will be executed upon the fulfilment of certain preconditions. Following this Investment, Gearbulk will become an equity-method affiliate of Marubeni.
Through this Investment, Marubeni expects to further strengthen and expand its vessel ownership and operation functions.
In collaboration with Gearbulk and Mitsui OSK Lines (which has a majority stake in Gearbulk, thereby making the latter a consolidated subsidiary company), Marubeni will also pioneer new business domains in open-hatch vessel operations, aiming to maximise revenue opportunities and drive further growth in its shipping business.
Marubeni had earlier acquired a 28 per cent stake in Gearbulk by purchasing the shares formerly owned by Gearbulk Chairman Kristian Jebsen and his family.
Gearbulk was founded in 1968 and has specialised in the operation of open-hatch vessels with a focus on the transportation of semi-finished products such as pulp and steel.