Japan’s Mitsui OSK Lines (MOL) has confirmed that it will undertake a business reorganisation of its Switzerland-based equity-method affiliate company, Gearbulk Holding, and acquire a 72 per cent stake in the company, making it a consolidated subsidiary company. The acquisition is scheduled to...
The latest cost reduction measure initiated by Gearbulk is the renegotiation of charter rates with Japanese shipowners who have their vessels on long term charters to the company. As an industrial tonnage provider, Gearbulk needs at all times to operate a competitive fleet balanced with cargo commitments; a number of the charter contracts made in earlier years are based on newbuilding prices and rates which are no longer sustainable going forward.
“The unforeseen and unfortunate pandemic crisis...