On January 20, 2025, Mitsui O.S.K. Lines (MOL) announced the acquisition of 72% of the shares in its long-standing affiliate, Gearbulk, expanding its dry bulk carrier fleet to 338 vessels, making it the largest in the world.
This acquisition makes Gearbulk a consolidated subsidiary of MOL. MOL has had a partnership with Gearbulk since 1991. Gearbulk’s open hatch fleet, the largest globally, will contribute about 60 vessels, or 20% of the total, providing MOL with a competitive advantage.
MOL plans to leverage Gearbulk’s specialized operations and global network to develop a sales network responsive to changing global supply chains and trade patterns. Furthermore, MOL aims to create synergies with Gearbulk, improving ship allocation efficiency and creating new business opportunities.
According to the company, this move is expected to enhance MOL’s service offerings, strengthen its cost competitiveness, and expand its customer base, ultimately accelerating profitable growth and increasing corporate value.