FOUNDER Kristian Jebsen has sold out of forest products/bulk specialist Gearbulk, just weeks after long-standing shareholder Mitsui OSK Lines increased its stake to over 70%.

Mr Jebsen and his family will sell their remaining 28% of Gearbulk Holding AG to Japanese trading house giant Marubeni Corporation. The transaction is expected to close soon.

At the end of June 2024 Mitsui OSK Lines announced it would acquire a further 23% stake in the Swiss-registered Gearbulk Holding AG, taking its holding to 72%. At the time the partners said this was 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, would continue to own 65% and 35% of G2 Ocean, respectively, while Gearbulk Holding would maintain its presence in Switzerland and Gearbulk Shipowning would relocate from Bermuda to Bergen, Norway by early 2025.

This week Mr Jebsen – who has previously indicated the next generation of the family did not see their future in shipping – described Marubeni as a major integrated Japanese trading and investment conglomerate, which will bring additional financial strength and extensive business experience – important for Gearbulk’s continued growth.

The transaction will further strengthen Gearbulk’s investment capacity and reinforce its commitment to G2 Ocean, he said.

“I am pleased that Marubeni has decided to invest in and support the development of Gearbulk. This, together with MOL’s 72% holding, gives a strong continuity of the company for all stakeholders. Marubeni has had a close business relationship with Gearbulk for more than thirty years and the investment is a natural next step,” he said.

The company’s operations will remain the same and relations with customers and other stakeholders will continue as before.

Mr Jebsen will continue as Gearbulk’s Chairman and CEO and as Chairman of G2 Ocean.

Gearbulk was established in Norway in 1968, with British, French and Norwegian partners and was a pioneer and strong proponent of open-hatch, gantry-equipped vessels mostly employed in forest product trades.  MOL first bought into Gearbulk in 1991 with 25% when Kristian Gerhard Jebsen bought out his partners, soon built to 40% and in 2009 increased the holding to 49%.

Gearbulk and now G2Ocean have been active in Australian trades for five decades.

Marubeni is very active in Australia as a trader and investor, including, for example, 22.5% of the Portland Aluminium Smelter in Victoria.