Gearbulk, Grieg Star to Form Dry Bulk Shipping JV

Switzerland-based shipping company Gearbulk and Norwegian Grieg Star have unveiled plans to enter into a joint venture (JV) to establish a world-wide dry bulk shipping company.

The JV would combine the companies’ global resources to operate the parties’ combined fleet of open hatch, semi-open hatch and conventional bulk vessels, which add up to a total of over 130 vessels to be operated by the joint venture.

The parties revealed that 65% of the JV will be held by Gearbulk, while Grieg Star will hold the remaining 35%.

“This agreement represents the firm intention of both companies to build an improved range of services for our customers. The combined number of vessels and trades will make it easier for our customers to find services that fit their needs,” Kristian Jebsen, Chairman/CEO of Gearbulk, said.

The name of the joint venture is yet to be decided, but it will be established as an independent Norwegian company with headquarters in Bergen, Norway and is expected to be fully operational through the first half of 2017.

Furthermore, the scope of the JV excludes activities and vessels operated by Gearbulk in association with other third parties, as well as terminal business, transshipment activities, operation of liquid pitch tankers and caustic bulk vessels. For Grieg Star, their terminal businesses will also remain outside the scope of the new JV.

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