Gearbulk and Grieg Star have announced their intention to enter into a[ds_preview] joint venture (JV) to establish a leading dry bulk shipping company. The JV will combine the companies’ expertise to operate the combined fleet of more than 130 bulk vessels. It will be jointly controlled by Gearbulk and Grieg Star, with Gearbulk owning 65% and Grieg Star owning 35%. The Board of Directors will be composed of five members; three appointed by Gearbulk and two by Grieg Star. Chair of the Board of Directors will be Kristian Jebsen, with Grieg Star holding the vice chair. The name of the joint venture is yet to be decided, but it will be established as an independent Norwegian company with headquarters in Bergen (Norway). The Chief Executive Officer will be Rune Birkeland, and the Chief Commercial Officer will be Arthur English.
Subject to completion of final agreements, corporate authorizations and relevant regulatory approvals having been obtained, the JV is expected to be fully operational in the first half of 2017. Gearbulk operates between 85 and 90 bulker, Grieg Star, part of the Grieg Group, will add 45 bulk vessels.