Gearbulk, Grieg Star Win US Antitrust Approval for JV

The US Department of Justice has decided to approve the establishment of G2 Ocean, a joint venture (JV) of Switzerland-based shipping company Gearbulk and Norwegian Grieg Star.

Authorities in Poland, Germany and Brazil have already approved the JV, the duo said in a statement.

According to the two firms, the project is on schedule to have G2 Ocean fully operational by the end of the first half of 2017.

The JV will operate a fleet of open hatch, semi-open hatch and conventional bulk vessels, with a total of over 130 ships.

The parties revealed in October 2016 that 65% of the JV will be held by Gearbulk, while Grieg Star will hold the remaining 35%.

The JV will be formed as an independent dry bulk shipping company headquartered in Bergen, Norway, with worldwide offices.

“We anticipated such a conclusion from the authorities. But that does not mean the final approval was not received with joy. Now we roll up our sleeves and continue the hard work. Our goal is still to create a world class shipping company for the future,” Rune Birkeland, G2 Ocean’s CEO, commented.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >