MOL completes acquisition of majority stake in affiliate company Gearbulk

Japanese shipping company Mitsui OSK Lines (MOL) has acquired 72 per cent of the shares of its Switzerland-based equity method affiliate Gearbulk Holding, making the latter company a consolidated subsidiary of the MOL Group.

The acquisition was completed on Monday, January 20, after approval was obtained from the relevant authorities under Japanese competition law.

With the consolidation, the MOL Group's fleet of dry bulk carriers will total 338 vessels. Gearbulk's open hatch fleet will account for about 60 of those vessels, roughly 20 per cent.

MOL will develop a global sales network, which will respond to the global economy's changing supply chains and trade patterns, through Gearbulk's highly specialised operations and worldwide network. In addition, Gearbulk will further strengthen its services by creating new business opportunities and improving the efficiency of ship allocation.

Gearbulk's operations entail the transport of various semi-finished products as well as small-lot and project cargo.

MOL said that, by adding Gearbulk's open-hatch segment business to MOL business, the group will be able to offer a diverse range of transport services by a broad range of vessel types.