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MOL ups stake in Gearbulk

MOL ups stake in Gearbulk

Tokyo: Mitsui O.S.K. Lines (MOL) today announced a move to increase its investment share in Gearbulk Holding Limited from 40% to 49% effective at the end of December 2009. MOL has been a shareholder in Gearbulk since 1991. The Japanese major did not reveal what it was paying for this increased stake.  

Gearbulk is the world's leading open hatch shipping company, with a fleet in service of 64 vessels and a renewal programme consisting of about 20 vessels on order. The company is owned by the Jebsen family and MOL. MOL revealed that Gearbulk's 2009 revenues are expected to be $941m  [06/01/10]

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