MOL Completes the Acquisition of Shares of Making Gearbulk a Consolidated Subsidiary

Now Has World-Leading Dry Bulk Fleet

Tokyo - January 21, 2025

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that on January 20, 2025, after obtaining approval from the relevant authorities under the competition law, it acquired 72% of the shares of its equity method affiliate Gearbulk Holding AG (Chairman/CEO: Kristian Jebsen, Headquarters: Switzerland, (Note 1)), making the company a consolidated subsidiary.

Gearbulk has a proven track record of growth through the transport of semi-finished products such as pulp. MOL has had a 34-year partnership with Gearbulk since its equity participation in 1991. With the consolidation, the MOL Group's fleet of dry bulk carriers will total 338 vessels, making it the world-leading dry bulk fleet(Note 2). Gearbulk's open hatch fleet (Note 3), the largest in the world, will account for about 60 of those vessels, roughly 20%, and is expected to grow as a distinctive business and give the MOL Group a competitive advantage.

MOL will develop a global sales network, which responds to the global economy's changing supply chains and trade patterns, through Gearbulk's highly specialized operations and worldwide network. In addition, Gearbulk will further strengthen its services by creating synergies such as the creation of new business opportunities and improving the efficiency of ship allocation. MOL also expects these efforts to contribute significantly to setting its services apart from those of its competitors, strengthening cost competitiveness, and expanding its customer network.

MOL will strive to accelerate profitable growth and sustainably enhance corporate value by mobilizing and strengthening the management resources of the entire group.




From left: Hirofumi Kuwata, Executive Vice President Executive Officer of MOL, Kristian Jebsen, Chairman/CEO of Gearbulk, Toshinobu Shinoda, Senior Managing Executive Officer of MOL   Images by MOL.

(Note 1)
Gearbulk Holding AG
Headquarters: Switzerland
Established: October 2014
Business: Ownership and management of open hatch fleet
In becoming a consolidated subsidiary of MOL, Gearbulk has divested its "non open hatch ship business" and concentrated its business on "open hatch ship business."

(Note 2)
Estimated number of vessels, including those of the company, consolidated subsidiaries, and equity-method affiliates. as of March 31, 2025 (As of the end of September 2024)

(Note 3)
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 aluminum 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 windmill components.

Mitsui O.S.K. Lines, Ltd. press release