Mitsui OSK Lines & Kristian Jebsen in Gearbulk Takeover Deal

By Eve Church

Updated June 25, 2024 at 08:23 am Published June 25, 2024 at 10:22 am Etc/UTC

Mitsui OSK Lines (MOL), Japan's leading shipowner, is set to acquire Gearbulk from Kristian Jebsen, with the transaction expected to finalize by January next year.

MOL initially invested in Gearbulk, the world’s largest open-hatch operator, in 1991, securing a 40% stake in the company founded in 1968. Over time, MOL increased its share to 49%, while Jebsen maintained a 51% majority. Today, MOL announced plans to take over the company, aiming for a 72% ownership by early next year.

Gearbulk operates a fleet of 60 vessels and has additional ships on order in China. The financial details of the takeover have not been disclosed.

MOL has a history of investing in Norwegian maritime assets, with recent investments including Odfjell Oceanwind, Larvik Shipping, and AKOFS Offshore.