By selling some shares in Gearbulk Holding AG to Mitsui O.S.K. Lines, Kristian Jebsen, Chair of the G2 Ocean Board of Directors, and his family decrease their stake in the company. Mitsui O.S.K. Lines now holds the majority of shares in Gearbulk.
On Wednesday 26 June, Gearbulk Holding AG (Gearbulk) announced that Mitsui O.S.K. Lines (MOL), which currently holds 49% of the shares in Gearbulk, will acquire an additional 23% stake in the company and become the majority shareholder with 72%. Kristian Jebsen and his family will retain a 28% shareholding in Gearbulk.
The transaction is a natural continuation of the close and long-term partnership between Gearbulk and MOL, which dates back to 1991. Gearbulk and the Grieg Maritime Group, will continue to own 65% and 35% of G2 Ocean, respectively.
Kristian Jebsen will continue as Chair of the G2 Ocean Board of Directors and keep his role as Chairman and CEO of Gearbulk. Gearbulk Holding will maintain its presence in Switzerland and Gearbulk Shipowning will relocate from Bermuda to Bergen, Norway.
Arthur English, G2 Ocean’s Chief Executive Officer, appreciates Kristian Jebsen’s continued support and looks forward to collaborating with MOL. He said:
“This transaction reflects the strong and long-lasting relationship between Kristian Jebsen and MOL, and MOL’s support of G2 Ocean.”
“We are excited to welcome MOL as a larger partner in G2 Ocean, and we look forward to working together to further expand and develop our services. G2 Ocean, Gearbulk, the Grieg Maritime Group and MOL share a commitment to providing safe, reliable and sustainable solutions for the dry bulk industry, and we are confident that this partnership will continue to enhance our capabilities and create added value for our customers and stakeholders.”
MOL – world’s largest shipping company
As a global leader in shipping, MOL brings valuable industry knowledge and financial resources that will support G2 Ocean’s and Gearbulk’s continued success.
Kristian Jebsen, Chairman and CEO of Gearbulk, commented on the deal in a joint press release from Gearbulk and MOL:
“I am pleased that MOL has committed to continue to invest in and develop Gearbulk as its main owner. They know the business well as shareholders for more than thirty years and acknowledge Gearbulk’s strong market position and concepts.”
Toshinobu Shinoda, Senior Executive Officer at MOL expressed his gratitude and appreciation for the partnership with Jebsen and Gearbulk.
“We have had an excellent collaboration with Kristian Jebsen for many years, and we are pleased and grateful that his experience and expertise will continue to be available for Gearbulk and G2 Ocean,” he said, adding:
“We know that Mr. Jebsen has been committed to ensuring a long-term and strong ownership in Gearbulk, and we will do our utmost to further develop the company’s strong international position.”