Posted on January 23, 2025
MITSUI OSK Lines has completed the acquisition of a 72% stake in Gearbulk Holding, making the open hatch vessel specialist a consolidated subsidiary, the Japanese shipping group said.
MOL previously held a 49% share in Gearbulk before reaching an agreement to increase its equity position last year. The deal was finalised after securing approval from antitrust authorities.
Headquartered in Switzerland, Gearbulk operates a fleet of about 60 specialised open hatch vessels ideal for moving cargo such as steel, forestry products and project equipment. With the acquisition, MOL will expand its dry bulker fleet to 338 ships.
Gearbulk’s vessels will make up around 20% of the newly enlarged fleet. MOL aims to leverage the unit’s capabilities in niche shipping segments to diversify its operations.
The Japanese giant also expects Gearbulk’s worldwide network to help develop a more resilient global sales network.
The two companies have been partners for 34 years since MOL first took an equity position in 1991. The amalgamation aims to accelerate growth by maximising teamwork across their collective operations.
Financial details were not disclosed.
As of the end of 2023, Gearbulk reported a net asset of $489.6m. Using this value as a reference, it suggests the acquisition of the stake could be worth about $112m.
