MOL Grows Dry Bulk Carrier Fleet with Gearbulk Acquisition

Mitsui O.S.K. Lines (MOL) has completed the acquisition of 72% shares in Gearbulk, growing its fleet of dry bulk carriers to 338 vessels.

The completion of acquisition means Gearbulk is now MOL’s consolidated subsidiary.

Gearbulk has a proven track record of growth through the transport of semi-finished products such as pulp. MOL has had a 34-year partnership with Gearbulk since its equity participation in 1991.

With the consolidation, the MOL Group's fleet of dry bulk carriers will total 338 vessels, making it the world-leading dry bulk fleet.

Gearbulk's open hatch fleet, the largest in the world, will account for about 60 of those vessels, roughly 20%, and is expected to grow as a distinctive business and give the MOL Group a competitive advantage.

MOL will develop a global sales network, which responds to the global economy's changing supply chains and trade patterns, through Gearbulk's highly specialized operations and worldwide network, the company said.

In addition, Gearbulk will further strengthen its services by creating synergies such as the creation of new business opportunities and improving the efficiency of ship allocation.