Mitsui O.S.K. Lines (MOL) announced that, following regulatory approval under competition law, it acquired a 72% stake in Gearbulk Holding AG on 20 January 2025.
This acquisition transitions Gearbulk from an equity-method affiliate to a consolidated subsidiary.
Gearbulk, a company in the transportation of semi-finished products such as pulp, has a strong history of growth. MOL and Gearbulk have maintained a 34-year partnership since MOL’s initial equity participation in 1991.
With this consolidation, MOL’s dry bulk carrier fleet expands to 338 vessels, positioning it as the world’s largest operator in the dry bulk sector. Notably, Gearbulk’s specialized open hatch fleet, the largest globally, will comprise around 60 vessels—or approximately 20% of the total fleet—and is set to drive further growth as a unique and competitive business segment.
Through Gearbulk’s extensive expertise and global network, MOL aims to develop a robust international sales framework that adapts to evolving supply chains and trade patterns. The consolidation is expected to generate synergies by enhancing operational efficiency and opening new business opportunities, strengthening Gearbulk’s services while solidifying MOL’s position in the global market.
