Marubeni Announces Stake in Gearbulk Ending Jebsen’s Family 57-Year Role
Norwegian shipowner Kristian Jebsen and his family have reached an agreement with will complete their exit from Gearbulk, a company they founded about six decades ago and emerged as a leader in the open hatch segment. Japanese conglomerate Marubeni, which is a large vessel owner and has a 20-year relationship with Gearbulkk, agreed to purchase the remaining shares which will make it a minority investor alongside Japan’s Mitsui O.S.K. Lines.
The Jebsen family embarked on the road of exiting the company in June last year agreeing to sell a 23 percent stake to Mitsui O.S.K. Lines. When the deal was completed in January, the Japanese company had increased its shareholding to 72 percent. Gearbulk had reported in October 2024 that it was negotiating the sale of the additional stake to Marubeni.
The family retained a 28 percent shareholding in Gearbulk which it has now agreed to sell to Marubeni. Gearbulk was established by Kristian Gerhard Jebsen together with three partners in 1968 and today operates the world’s largest fleet of open hatch gantry crane and semi-open jib crane vessels. The value of the transaction with Marubeni was not disclosed.
Japanese trading and investment conglomerate reports that it will aid in providing Gearbulk with its vessel ownership capabilities and global network. It intends to contribute to the sustainable enhancement of Gearbulk’s corporate value to further strengthen and expand its vessel ownership and operation functions. In collaboration with MOL, the company has set goals of also pioneering new business domains in open hatch vessel operations, the ultimate objective of which is to maximize revenue opportunities and drive further growth in its shipping business.
Headquartered in Switzerland, Gearbulk maintains market leadership in open hatch shipping, a specialized segment of the dry bulk sector. Together with its joint venture, G2 Ocean, it owns and operates a fleet of 59 vessels that are purpose-built to carry forest products and other unitized breakbulk cargo like pulp, steel, and aluminum ingots. The design of the vessels also allows for the loading of project cargoes, including wind power equipment and heavy cargo, on deck or hatch covers.
On April 30, Gearbulk released its 2024 Integrated Report and ESG Report indicating that the company managed to sustain focus on financial resilience in a year that was marked by market volatility. It acknowledged that its financial performance during the year was weak due to losses in the open hatch segment despite positive contributions from non-core activities. Being privately owned, the company is not obligated to make its financial statements public.