MOL to acquire affiliate company Gearbulk

Japan's Mitsui OSK Lines (MOL) has confirmed that it will undertake a business reorganisation of its Switzerland-based equity-method affiliate company, Gearbulk Holding, and acquire a 72 per cent stake in the company, making it a consolidated subsidiary company. The acquisition is scheduled to close by January 2025.

Gearbulk is a company that specialises in the open-hatch vessel segment, controlling a fleet of 60 vessels. Its 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.

Gearbulk's open-hatch vessels have box-shaped cargo holds and wide hatches, allowing them to efficiently load, transport, and unload semi-finished products such as pulp, forestry products, steel products, and aluminium ingots. These vessels are also specially designed so that the cargo can be loaded on top of the hatch or deck, allowing the transport of heavyweight and oversized cargo such as wind turbine components.