“G2 Ocean” forms for sustainable shipping

BERGEN: Bulk carriers and ocean project cargo specialists Greig Star and Gearbulk have formed a new dry bulk shipping company called “G2 Ocean”, with a mission to be “pioneering sustainable shipping solutions”.

G2 Ocean will operate over a fleet of 130 open hatch, semi-open hatch and conventional bulk vessels with Gearbulk owning 65 percent and Grieg Star owning 35 percent of the new company.

“This agreement represents the firm intention of both companies to build an improved range of services for our customers,” says Kristian Jensen, chairman, and CEO of Gearbulk.

“The talks and cooperation throughout this process have built an invaluable trust and confidence between the parties,” added Grieg Star chairwoman Elisabeth Grieg. “The two companies both have strong corporate cultures and values, and we aim to take the best from the two, and merge them into one strong, customer-oriented culture.”

Gearbulk operates up to 90 open hatch and conventional bulk vessel at any given time from 13 offices worldwide. Grieg Star operates 45 owned and chartered open hatch, semi-open hatch, and conventional bulk vessel, and specializes in forestry products, steel, and project cargo.

We see our two operations as complementary, making this joint venture a natural next step for our companies,” says Camilla Grieg, Grieg Star CEO. “In an increasingly competitive market, we believe this new entity will have the size to build and sustain a versatile and independent shipping service,” she adds.
The two parties will retain their independent technical ship management, vessel ownership, and terminal activities.