MOL to acquire majority stake in Gearbulk
On 25 June Mitsui O.S.K. Lines (MOL) announced its decision to reorganise its equity-method affiliate, Gearbulk Holding, by acquiring a 72% stake and making it a consolidated subsidiary by January 2025. Gearbulk, headquartered in Switzerland, focuses on the open-hatch vessel segment with a fleet of 60 vessels, specialising in transporting semi-finished products like pulp and steel, as well as project cargo.
The consolidation aims to leverage Gearbulk's expertise and network to create synergies, enhance business expansion, and improve vessel allocation efficiency, thereby strengthening the carrier’s cost competitiveness and customer network.
Open-hatch vessels are particularly suited for efficiently handling and transporting heavyweight and oversized cargo, which will further diversify MOL's transport services. The strategic acquisition is expected to bring a sustainable increase in revenue and corporate value, MOL said. (pb)