Norwegian open-hatch specialist G2 Ocean is expanding its fleet with six newbuildings backed by Grieg Maritime Group and Seaspan, as G2 Ocean moves ahead with a wider fleet renewal strategy designed to strengthen G2 Ocean’s position in the specialised open-hatch bulk carrier market.Norwegian open-hatch operator G2 Ocean is advancing a major renewal programme by adding six new gantry crane bulk carriers to the G2 Ocean fleet, giving G2 Ocean more modern, flexible, and cargo-focused tonnage for future trade requirements.G2 Ocean is a joint venture between Gearbulk and Grieg Maritime Group, combining the long specialist shipping experience of Gearbulk with the maritime heritage and shipowning background of Grieg Maritime Group.The Bergen-headquartered joint venture between Gearbulk and Grieg Maritime Group said the six newbuildings will join the G2 Ocean pool fleet from 2029, reinforcing G2 Ocean’s leadership in the specialised open-hatch bulk carrier segment and increasing G2 Ocean’s ability to serve a broad range of cargo trades across global routes.The 65K DWT open-hatch bulk carriers will be built at New Dayang Shipbuilding in Yangzhou, China. Two ships will be owned by Grieg Maritime Group, while the remaining four ships will be owned by Seaspan and bareboat chartered to Gearbulk before entering the G2 Ocean pool.Each open-hatch bulk carrier will be designed with eight open-hatch cargo holds without overhangs, giving each open-hatch bulk carrier cargo volume of about 79K cum. The open-hatch bulk carriers will also be fitted with two gantry cranes and tween decks, while also being designed with the potential to be adapted for alternative fuels such as ammonia or methanol.The new order complements an existing programme under which 10 larger 82,300 DWT bulk carriers are scheduled to enter the G2 Ocean fleet between 2026 and 2029. The first of those ships, MV Star Norge, entered service in January 2026.G2 Ocean Chief Executive Officer Arthur English said the investment programme is intended to strengthen G2 Ocean’s long-term service offering while responding to changing customer requirements across specialised cargo markets.“Through investments in both newbuildings and our existing fleet, G2 Ocean is strengthening its long-term service offering, providing cargo owners with safe, flexible, reliable and sustainable cargo solutions,” G2 Ocean Chief Executive Officer Arthur English said.The six-open-hatch bulk carrier programme fills an important fleet gap between G2 Ocean’s larger 72,000 DWT gantry crane ships and G2 Ocean’s smaller bulk carriers ranging from 36,000 DWT to 55,000 DWT.G2 Ocean Chief Executive Officer Arthur English said maintaining a broad mix of geared tonnage is essential for a global operator serving many different cargo types, port profiles, and customer requirements.“This investment continues the development of our geared fleet of both jib-craned and gantry-craned ships. As a global service provider, we believe it is essential to maintain a highly flexible fleet so that we can tailor solutions for our customers’ needs,” G2 Ocean Chief Executive Officer Arthur English said.Alongside the newbuilding programme, G2 Ocean is also investing in emissions-reduction technologies for the existing fleet.The 49K DWT general cargo ship MV Star Kirkenes is scheduled to be fitted with AirWing 20 jet sails in late 2026 or early 2027. G2 Ocean said the wind-assisted propulsion system is designed to use wind energy to reduce fuel consumption and emissions without affecting cargo capacity or cargo-handling operations. G2 Ocean added that the installation could become a model for wider use across the fleet if performance targets are achieved.Founded in 2017, G2 Ocean operates a fleet of around 125 open-hatch and bulk carriers ranging from 23,500 DWT to 73,000 DWT, making G2 Ocean the world’s largest operator in the open-hatch bulk carrier segment.Gearbulk chairman and G2 Ocean chairman Kristian Jebsen said the programme would strengthen G2 Ocean’s competitive position while supporting customers’ future transport requirements.Grieg Maritime Group Chief Executive Officer Matthew Duke added that open-hatch shipping remains central to Grieg Maritime Group’s strategy and that the new ships will help ensure G2 Ocean remains a flexible, reliable, and efficient service provider in the years ahead.G2 Ocean is especially important in the specialised cargo market because G2 Ocean focuses on open-hatch and project-related shipping services rather than ordinary bulk carrier employment alone. Open-hatch bulk carriers are designed to carry cargoes that require careful handling, wide hatch openings, strong cargo access, onboard lifting capacity, and flexible stowage arrangements. These cargoes can include forest products, pulp, steel products, aluminium, wind energy components, industrial equipment, project cargo, breakbulk cargo, unitised cargo, and selected bulk commodities. G2 Ocean’s fleet is therefore positioned in a niche between conventional dry bulk shipping and multipurpose/project cargo shipping.G2 Ocean’s strength comes from the ability to offer cargo owners a flexible shipping platform. Many industrial cargoes cannot be handled efficiently by standard bulk carriers or container ships. Cargoes such as pulp, paper, machinery, steel units, heavy equipment, and renewable energy components often need weather protection, wide cargo access, precise lifting, and careful stowage. G2 Ocean’s open-hatch ships, gantry cranes, jib cranes, tween decks, and specialist cargo-handling expertise allow G2 Ocean to serve customers that need more than simple port-to-port bulk transportation.The G2 Ocean pool structure is also significant because the G2 Ocean pool brings together ships controlled by Gearbulk and Grieg Maritime Group under a shared commercial platform. This structure gives G2 Ocean scale, fleet diversity, scheduling flexibility, and a broad customer base. For cargo owners, this can mean more regular sailings, stronger service reliability, and a wider choice of ships suited to different cargo requirements. For Gearbulk and Grieg Maritime Group, the G2 Ocean structure allows both owners to combine specialised tonnage and commercial reach while maintaining strong positions in the open-hatch sector.Gearbulk brings deep specialist open-hatch experience to G2 Ocean. Gearbulk has long been associated with open-hatch, geared, and specialised bulk carrier operations, particularly in trades involving forest products, industrial cargoes, and breakbulk cargo. Gearbulk’s shipping model has traditionally focused on cargoes that require greater operational care than standard bulk cargoes. This makes Gearbulk an important foundation for G2 Ocean because Gearbulk contributes technical knowledge, cargo-handling expertise, customer relationships, ship design experience, and operational understanding of specialised trades.Gearbulk’s role in the six-newbuilding programme is especially important because four of the new ships will be owned by Seaspan and bareboat chartered to Gearbulk before joining the G2 Ocean pool. This arrangement shows how Gearbulk remains an active and central participant in the renewal of the G2 Ocean fleet. Bareboat chartering also allows Gearbulk to control ship employment and integrate the ships into the G2 Ocean commercial system while working with outside ownership capital. For G2 Ocean, this supports fleet growth without relying only on ships owned directly by Gearbulk or Grieg Maritime Group.Grieg Maritime Group adds another important layer to G2 Ocean. Grieg Maritime Group is part of a long-established Norwegian maritime tradition and has a strong shipowning background, with open-hatch shipping remaining a key part of Grieg Maritime Group’s strategy. Grieg Maritime Group’s ownership of two of the new 65K DWT open-hatch bulk carriers demonstrates Grieg Maritime Group’s continued commitment to the specialised open-hatch sector and to the G2 Ocean platform. Grieg Maritime Group’s involvement also reinforces the Norwegian identity of G2 Ocean, which is headquartered in Bergen, one of Norway’s most important maritime centres.The relationship between G2 Ocean, Gearbulk, and Grieg Maritime Group is central to understanding the newbuilding order. G2 Ocean is the commercial operating platform, Gearbulk contributes a major share of specialist shipping experience and ship capacity, and Grieg Maritime Group provides shipowning strength, maritime heritage, and long-term strategic support. Together, G2 Ocean, Gearbulk, and Grieg Maritime Group create a specialised shipping network focused on cargoes that require flexible ships, skilled handling, reliable scheduling, and close customer relationships.G2 Ocean’s fleet renewal programme also reflects the changing needs of industrial cargo customers. Many cargo owners are under pressure to improve supply-chain reliability, reduce emissions, protect cargo quality, and secure ships that can handle unusual cargo dimensions. Open-hatch ships with gantry cranes and tween decks can give cargo owners more options when ports lack heavy-lift infrastructure or when cargoes require careful handling. By adding new 65K DWT open-hatch bulk carriers, G2 Ocean can offer more efficient ships while preserving the cargo flexibility that makes G2 Ocean valuable to customers.Gearbulk’s experience matters because specialised shipping is not only about ship size. It is also about operational know-how. A standard bulk carrier can move large volumes of commodity cargo, but an open-hatch operator must understand cargo sensitivity, stowage plans, crane operations, weather exposure, cargo securing, hatch configuration, port limitations, and customer-specific requirements. Gearbulk’s long experience in these trades helps G2 Ocean maintain the technical and commercial knowledge needed to handle complex cargo programmes.Grieg Maritime Group’s role is equally important because Grieg Maritime Group supports the long-term ownership and investment side of the fleet. Ship renewal requires capital, strategic patience, and confidence in future cargo demand. By ordering two of the new 65K DWT open-hatch bulk carriers, Grieg Maritime Group is showing confidence in the future of open-hatch shipping and in the G2 Ocean commercial platform. The investment also supports Grieg Maritime Group’s strategy of remaining active in a specialised shipping sector where customer relationships and operational quality are major competitive factors.The new ships will also help G2 Ocean manage fleet age and future environmental requirements. As older ships face higher maintenance costs, stricter emissions expectations, and increasing customer scrutiny, newbuildings can improve fuel efficiency, reliability, cargo-handling performance, and long-term competitiveness. The ability to adapt the ships for ammonia or methanol is important because G2 Ocean, Gearbulk, and Grieg Maritime Group must prepare for a future in which lower-emission shipping solutions become more important to cargo owners and regulators.The AirWing 20 jet sail installation planned for MV Star Kirkenes also shows that G2 Ocean is not relying only on newbuildings to improve the fleet. G2 Ocean is also testing technology that could reduce fuel consumption and emissions on existing ships. If the wind-assisted propulsion system performs well, G2 Ocean could consider wider deployment across suitable ships. This would support the environmental ambitions of G2 Ocean, Gearbulk, and Grieg Maritime Group while helping cargo owners reduce the carbon footprint of transported goods.G2 Ocean’s size gives G2 Ocean a strong advantage in specialised open-hatch shipping. With around 125 open-hatch and bulk carriers, G2 Ocean can offer global coverage, cargo flexibility, and regular service patterns that smaller operators may struggle to match. This scale matters because industrial cargo owners often need dependable transport for long-term supply chains. A larger fleet gives G2 Ocean more ability to match the right ship with the right cargo, manage schedule disruptions, and provide solutions across several trading regions.The order for six 65K DWT open-hatch bulk carriers also improves G2 Ocean’s fleet balance. Ships that are too large may not fit certain ports or cargo programmes, while ships that are too small may not offer enough economy of scale. The 65K DWT size sits between G2 Ocean’s larger 72,000 DWT gantry crane ships and smaller 36,000 DWT to 55,000 DWT bulk carriers, giving G2 Ocean a middle-range ship type that can serve cargoes requiring both scale and flexibility. This improves G2 Ocean’s ability to tailor services to specific customer needs.Gearbulk and Grieg Maritime Group also benefit from the added fleet flexibility because the new ships strengthen the shared G2 Ocean pool. A pool fleet works best when it has different ship sizes, crane arrangements, cargo-hold configurations, and trading capabilities. The six new gantry crane bulk carriers will give G2 Ocean more options when planning voyages, combining cargoes, serving ports, and responding to customer demand. That flexibility is one of the main reasons the G2 Ocean model has become important in open-hatch shipping.G2 Ocean’s future ships are also linked to broader changes in global cargo demand. The energy transition is increasing the movement of wind energy equipment, grid components, industrial machinery, and project cargo. At the same time, traditional forest products, pulp, steel, aluminium, and industrial raw materials remain important for specialised cargo shipping. Open-hatch operators such as G2 Ocean can benefit from this combination because their ships are able to handle both established cargoes and newer cargo flows linked to infrastructure and renewable energy development.For cargo owners, the combination of G2 Ocean, Gearbulk, and Grieg Maritime Group offers more than ship capacity. It offers commercial reliability, specialist knowledge, technical cargo-handling competence, and a long-term shipping partner with global reach. This matters in trades where cargo damage, delay, or poor handling can be costly. The investment in new ships signals that G2 Ocean, Gearbulk, and Grieg Maritime Group intend to remain long-term participants in these specialised trades.G2 Ocean’s fleet renewal also shows how open-hatch shipping is adapting to modern expectations. Customers increasingly want ships that are not only flexible and reliable, but also more fuel efficient, lower emitting, and capable of meeting future regulations. By ordering ships prepared for alternative fuels and testing wind-assisted propulsion, G2 Ocean is positioning G2 Ocean as a service provider that can respond to both operational and environmental demands.Gearbulk chairman and G2 Ocean chairman Kristian Jebsen’s support for the programme underlines the strategic importance of the order. The investment is intended to strengthen G2 Ocean’s competitive position and support the future transport needs of customers. Grieg Maritime Group Chief Executive Officer Matthew Duke’s comments also show that Grieg Maritime Group views open-hatch shipping as a central part of Grieg Maritime Group’s future, not as a legacy activity.The six-newbuilding order therefore represents more than ordinary fleet expansion. For G2 Ocean, the order adds modern and flexible open-hatch capacity. For Gearbulk, the order reinforces Gearbulk’s continuing role in specialised geared shipping and the G2 Ocean pool. For Grieg Maritime Group, the order confirms Grieg Maritime Group’s long-term commitment to open-hatch shipping and to the Bergen-based joint venture. Together, G2 Ocean, Gearbulk, and Grieg Maritime Group are strengthening a specialised shipping platform built around cargo flexibility, global coverage, customer service, and future-ready ship design.As the ships join the G2 Ocean pool from 2029, G2 Ocean will be better placed to serve cargo owners requiring safe, flexible, reliable, and more sustainable transport solutions. The newbuilding programme, the existing 82,300 DWT ship deliveries, and the AirWing 20 jet sail project together show that G2 Ocean, Gearbulk, and Grieg Maritime Group are investing both in fleet renewal and in the long-term evolution of open-hatch shipping. 28-May-2026
Japanese trading house Marubeni Corporation has released further details about its previously announced strategic agreement to invest an undisclosed amount in Bergen-based shipowner and operator Gearbulk Holding, the world’s largest operator of open-hatch bulk carriers known for its expertise in transporting forestry products, unitised cargo, and industrial goods. “This is not just a financial investment; it’s a strategic partnership to grow together,” stated Japanese trading house Marubeni Corporation. The Japanese trading house Marubeni Corporation has built a long-standing relationship with Norwegian open-hatch bulker operator Gearbulk Holding through its Singapore-based shipping arm MMSL Pte Ltd, engaging in multiple chartering and leasing transactions over the past two decades. Bergen-based shipowner and operator Gearbulk Holding, established in 1968, operates a fleet of more than 60 open-hatch bulk carriers and plays a vital role in the global maritime logistics of pulp, paper, aluminum, and other high-value cargo that require careful handling and efficient stowage. Gearbulk Holding is widely regarded as a market leader in the open-hatch segment, with operations extending across key trade lanes in Europe, the Americas, and Asia. In Q1 2025, Mitsui OSK Lines (MOL) completed the acquisition of Gearbulk Holding, marking a significant milestone in the consolidation of specialised cargo shipping services. 2-June-2025
The Bergen-based shipowner and operator Gearbulk, known for specializing in open hatch bulk carriers, is now fully under Japanese control. As of June 2024, Mitsui OSK Lines (MOL) had acquired a 72% stake in Gearbulk Holding. Recently, another major Japanese corporation, Marubeni Corporation, has acquired the remaining 28% stake from Kristian Jebsen and his family. The leadership of Gearbulk, under Kristian Gerhard Jebsen, expressed satisfaction with Marubeni’s decision to invest in and support Gearbulk’s growth. This acquisition, in conjunction with the 72% ownership by Mitsui OSK Lines (MOL), ensures continued stability for Gearbulk and all associated stakeholders. Having maintained a close business relationship with Gearbulk for over three decades, Marubeni’s investment represents a logical progression. Kristian Gerhard Jebsen will maintain his roles as chairman of Gearbulk and as chairman of G2 Ocean, a joint venture between Gearbulk and Grieg Maritime Group. The purchase price for Marubeni’s stake in the Norwegian shipowner and operator Gearbulk has not been disclosed. 10-October-2024
Bergen-based shipowner and operator Gearbulk, which specializes in open hatch bulk carriers, has expanded its order book with ammonia and methanol-ready 82K DWT kamsarmax bulk carrier newbuildings at CSSC Huangpu Wenchong Longxue Shipyard. Norwegian open hatch bulker owner Gearbulk’s contract includes two firm kamsarmax bulk carrier newbuildings. Gearbulk is scheduled to take delivery of these kamsarmax bulk carrier newbuildings in Q4 2028 and Q1 2029, in addition to the four newbuilds ordered in Q1 2024. This order for kamsarmax bulk carrier newbuildings marks another significant milestone in Gearbulk’s ongoing efforts to renew its fleet with efficient, high-capacity bulk carriers serving G2 Ocean customers. These bulk carriers will operate alongside newbuild pulpmax sister bulk carriers ordered by Gearbulk’s joint venture partner, Grieg Maritime Group, in 2023. Bergen-based Gearbulk controls a fleet of approximately 65 bulk carriers, which are commercially operated by G2 Ocean, where Gearbulk is the majority owner. In June 2024, Mitsui OSK Lines (MOL) agreed to acquire a controlling interest in Norwegian shipowner and operator Gearbulk, with the deal expected to close by Q1 2025. Japan’s leading shipowner, MOL (Mitsui O.S.K. Lines), which is listed on the Tokyo Stock Exchange, is set to finalize the acquisition of Bergen-based shipowner and operator Gearbulk from Kristian Jebsen, with completion anticipated in the first quarter of 2025. MOL (Mitsui O.S.K. Lines) initially acquired a 40% interest in Gearbulk in 1991 and gradually increased its share to 49%, while Kristian Jebsen retained a 51% majority. Established in 1968, Gearbulk is the world’s leading operator of open-hatch bulk carriers. MOL (Mitsui O.S.K. Lines) has now announced plans to expand its stake to 72% by Q1 2025. 20-August-2024
Japan’s premier shipowner, the maritime giant MOL (Mitsui O.S.K. Lines) listed on the Tokyo Stock Exchange, is set to complete the acquisition of the Bergen-based shipowner and operator Gearbulk from Kristian Jebsen, with the deal anticipated to be finalized in the first quarter of 2025. MOL (Mitsui O.S.K. Lines) initially bought a 40% interest in Gearbulk back in 1991, and over time increased its share to 49%, while Kristian Jebsen held onto a 51% majority. Gearbulk, established in 1968, is the world’s leading operator of open-hatch bulk carriers. MOL (Mitsui O.S.K. Lines) has now revealed plans to expand its stake to 72% by Q1 2025. Based in Bergen, Gearbulk operates a fleet of 60 bulk carriers and has additional vessels under construction in China. The terms of the acquisition have yet to be disclosed. MOL (Mitsui O.S.K. Lines), a subsidiary of the Mitsui Group, has a history of investments in Norwegian maritime enterprises such as Odfjell Oceanwind, Larvik Shipping, and AKOFS Offshore. 25-June-2024
Bergen-based shipowner and operator Gearbulk, specializing in open hatch bulk carriers, has secured a contract for up to four 82K dwt kamsarmax bulk carriers that are ready for ammonia and methanol, to be constructed at CSSC Huangpu Wenchong Longxue Shipyard. This agreement includes two guaranteed kamsarmax bulk carrier newbuilds slated for delivery in the first quarter of 2027, along with the option to acquire two additional bulk carriers. These kamsarmax bulk carrier newbuilds, prepared for ammonia and methanol use, will be managed by G2 Ocean and will complement the fleet alongside the newbuild pulpmax sister bulk carriers previously ordered by Gearbulk’s joint venture partner, Grieg Maritime Group, in 2023. This expansion will increase the count of dual-fuel 82K DWT open hatch bulk carriers to eight. G2 Ocean notes that these upcoming ammonia and methanol-ready 82K kamsarmax bulk carrier newbuilds will rank as the largest, most eco-friendly, and most technologically sophisticated vessels in its extensive fleet of over 120 bulk carriers, perfectly aligning with Gearbulk’s extensive pulp trade routes. 8-April-2024
Bergen-based shipowner and operator Gearbulk renegotiated terms for long-term charters of bulk carriers with Japanese shipowners and banks. Gearbulk suggested prolonging ships’ charter periods under reduced daily hire rates. Previously, Gearbulk’s chartered-in tonnage between 10 and 15 years from Japanese shipowners. Nevertheless, Gearbulk proposed deals 20 years at a reduced rate. Since July 2020, Gearbulk has negotiating to reduce charter rates with Japanese shipowners including Funada Kaiun, Chofuku Kisen, Shichifuku Gumi, Chiba Shipping, Misuga Shipping, Doun Kisen, and Marubeni. Gearbulk’s chartered-in bulk carriers are highly specialized ships, therefore, Japanese shipowners would have found it challenging to retake redelivery and operate or sell these specialized ships. Gearbulk operates gantry crane fitted open-hatch bulk carriers that are designed for carrying wood pulp, paper, packaged, and industrial cargoes. Gearbulk operates gantry crane fitted open-hatch bulk carriers with partner Grieg Star Group in the G2 Ocean open-hatch bulker pool. Japanese shipowner and operator Mitsui OSK Lines is a major shareholder in Gearbulk. 19-October-2020
Bergen-based shipowner and operator Gearbulk asked Japanese shipowners to accept performance-based charter rates as the first move in a substantial restructuring of Gearbulk’s charter commitments. Kristian Gerhard Jebsen-led Gearbulk explained the financial difficulties the company could suffer if the Japanese shipowners do not renegotiate charter contracts. Gantry-crane fitted open-hatch bulker operator Gearbulk requires Japanese shipowners to accept a new charter rate based on daily earnings in the G2 Ocean Pool. Norwegian shipowner and operator Gearbulk operates specialized open-hatch bulk carriers in G2 Ocean Pool with Grieg Shipping. Gearbulk requested Japanese shipowners to prolong the long-term contracts from 10-year to 20-year which will provide shipowners a fixed income. According to Norwegian shipowner and operator Gearbulk, it is utterly impossible to operate the ships at agreed rates under prevailing dry bulk market circumstances due to the post-coronavirus recession. Gearbulk’s specialized gantry-crane fitted open-hatch bulk carriers are also of little commercial use to Japanese shipowners outside the highly-specialized trades in which the G2 Ocean Pool operates. Previously, in 2016, Japanese shipowners had granted a temporary rate reduction to Gearbulk. Bergen-based shipowner and operator Gearbulk’s open-hatch bulk carriers are provided by Funada Kaiun, Chofuku Kisen, Shichifuku Gumi, Chiba Shipping, Doun Kisen, Misuga Shipping, and Marubeni. 23-April-2020
Norwegian open-hatch bulker operator Gearbulk requested Japanese tonnage suppliers to reduce ship charter rates. Funada Kaiun, Chofuku Kisen, Shichifuku Gumi, Chiba Shipping, Doun Kisen, Misuga Shipping, and Marubeni chartered-out specialized gantry-crane fitted open-hatch bulk carriers to Gearbulk for a long-term. Gearbulk’s business has been hit by the coronavirus pandemic. Kristian Gerhard Jebsen-led Gearbulk pronounced that previously executed agreements were based on charter rates which are no longer sustainable. According to Gearbulk, the unexpected Covid-19 pandemic added extra pressure on an already challenging global business environment. Post-coronavirus recession came on tip of a severe dry cargo market that has strived with unsustainable low freight rates for a long time. Gearbulk has performed an extensive cost reduction programme and a bank debt restructuring. Bergen-based open-hatch bulker operator Gearbulk trust that Japanese shipowners will approve this project. Currently, Gearbulk controls a mixed fleet of 70 open-hatch, other specialized and conventional bulk carriers. Gearbulk’s open-hatch bulk carriers are operated by the G2 Ocean Pool. Mitsui OSK Lines has a 49% stake in Gearbulk. 21-April-2020