What Gearbulk does

Gearbulk is an integrated global shipping company founded in 1968 in Norway, now headquartered in Pfäffikon SZ, Switzerland, and operating as a consolidated subsidiary of Mitsui O.S.K. Lines (MOL, 72% ownership completed January 20, 2025), with Marubeni Corporation holding 25% and Noosa Holding AG holding 3%. The company operates the world's largest fleet of open hatch vessels — approximately 65 owned vessels in specialized configurations (Open Hatch Gantry Crane/OHGC, Open Hatch Jib Crane/OHJC, Semi-Open Jib Crane, Totally Enclosed Forestry Carriers/TEFC, and the new Pulpmax class) — plus access to 130+ vessels through the G2 Ocean commercial pool (65/35 JV with Grieg Star established May 2017). Onboard crane systems with lifting capacities up to 120 metric tonnes enable self-loading and discharge at ports with limited shore infrastructure.

The company's core technology centers on box-shaped open hatch holds with wide hatch openings, electro-hydraulic gantry and jib cranes, and the next-generation Pulpmax newbuildings (82,300 dwt, ammonia/methanol conversion-ready, delivery 2027-2029). Revenue is generated through ocean transportation of pulp, forest products, steel products, aluminum ingots, and project cargo under long-term charter arrangements, complemented by terminal operations (including NST Terminals in Brazil) and specialized services for liquid pitch, caustic soda, and high-heat cargoes via the High Heat Tankers JV with Puma Energy (2015). The GTM motion is enterprise B2B field sales to industrial customers across pulp and paper, forestry, steel, metals, and project cargo verticals, distributed globally through the G2 Ocean commercial platform and direct fleet operations across 70+ countries. The company also provides fleet management services through Gearbulk Ship Management, a wholly-owned Norwegian subsidiary, and is a consolidated reporting entity within MOL's dry bulk segment since 2025.

Name

Gearbulk

Legal name

Gearbulk Holding AG

Website

https://gearbulk.com

Company type

Private

Founded year

1968

Operating status

Acquired

Headcount range

251–500 employees

Short description

Gearbulk is the world's largest operator of open hatch vessels, transporting pulp, forest products, steel, and project cargo globally. Founded in 1968 and now a 72%-owned consolidated subsidiary of Mitsui O.S.K. Lines, the Norway-anchored, Switzerland-headquartered company serves industrial customers across 70+ countries via its own fleet and the G2 Ocean pool with Grieg Star.

Ownership category

akta.pro rank

Product category

Ocean Shipping Services

NAICS

Deep Sea Freight Transportation (483111), Deep Sea, Coastal, and Great Lakes Water Transportation (48311), Marine Cargo Handling (48832), Support Activities for Water Transportation (4883)

SIC

Deep Sea Foreign Transportation Of Freight (4412), Water Transportation (4400)

akta.pro primary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

akta.pro secondary industries

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA), Gear & Lifting Equipment Rental (Cranes, Spreaders, Forklifts, Reach Stackers) (TLAHALAD), Cargo Handling & Lifting Equipment (Cranes, Derricks, Hoists) (IMAJAIAB)

Keywords

• Open hatch shipping
• Dry bulk transportation
• Ocean freight services
• Fleet management services
• Specialized cargo shipping

Headquarters

HQ city

Laksevåg

HQ country

Norway

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Shipping and Transportation Services: Core revenue from ocean transportation of cargoes including pulp, forest products, steel products, aluminum ingots, and project cargo through owned and chartered vessels under long-term charter arrangements.
2. Terminal Operations: Revenue from shore terminal operations including the NST Terminals in Brazil and other joint venture terminal facilities.
3. Fleet Management Services: Technical and operational fleet management services provided through Gearbulk Ship Management for vessels owned or managed by Gearbulk.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Gearbulk operates the world's largest fleet of open hatch vessels, providing ocean transportation services for specialized cargoes including pulp, forest products, steel products, aluminum ingots, and project cargo. Through the G2 Ocean joint venture with Grieg Star, the combined fleet totals 130+ vessels commercially managed for industrial customers globally. The company also provides technical fleet management services and shore terminal operations.

Product overview

Gearbulk is a global shipping company operating the world's largest fleet of open hatch vessels (approximately 65 owned vessels, 130+ through G2 Ocean pool). The core product portfolio centers on specialized open hatch shipping vessels including Open Hatch Gantry Crane (OHGC), Open Hatch Jib Crane (OHJC), Semi-Open Jib Crane, and Totally Enclosed Forestry Carriers (TEFC) designed for transporting unitized cargoes (forest products, steels, non-ferrous metals) and project cargo. Commercial operations are managed through the G2 Ocean joint venture with Grieg Star, while technical fleet management is provided by Gearbulk Ship Management. The company also operates specialized services for liquid pitch transportation (High Heat Tankers) and terminal operations. The recent Pulpmax newbuilding program represents the next generation of ammonia/methanol-ready 82,300 dwt vessels for delivery 2027-2029.

Differentiator

Problem solved

Functional benefit

Brands

• G2 Ocean: Joint venture company between Gearbulk and Grieg Star that operates the world's largest fleet of open hatch vessels for global dry bulk shipping. The pool operates over 130 vessels including open hatch, semi-open hatch, and conventional bulk carriers.

Products and services

• G2 Ocean Joint Venture Joint venture between Gearbulk and Grieg Star that operates the world's largest fleet of open hatch vessels, commercially and operationally managing combined fleets of open hatch, semi-open hatch, and conventional bulk vessels for global dry bulk shipping.
• Open Hatch Gantry Crane (OHGC) Vessels Open hatch gantry crane vessels with box-shaped holds and wide hatch openings, featuring onboard gantry cranes for self-loading and discharge. Suitable for transporting unitized cargoes such as forest products, steels, and non-ferrous metals.
• Open Hatch Jib Crane (OHJC) Vessels Open hatch jib crane vessels complementing the OHGC fleet, featuring electro-hydraulic jib cranes with lifting capacity up to 120 metric tonnes.
• Totally Enclosed Forestry Carriers (TEFC) Fully covered open hatch gantry crane vessels designed for weatherproof loading and discharge of all types of forest products.
• Pulpmax Newbuildings Ammonia/methanol conversion ready 82,300 dwt Open Hatch newbuildings featuring 8 holds/hatches, electro-hydraulic jib cranes with SWL of 2x75 and 2x120 metric tonnes, LOA of 225 meters and beam of 36 meters.
• Gearbulk Ship Management (Fleet Management Services) Full range of fleet ship management services for vessels owned or managed by Gearbulk, including technical management, crew management, and operational support. Formed the core of the operating fleet.
• Terminal Operations (NST Terminals, Brazil) Shore terminal operations including joint ventures in NST Terminals in Brazil, providing end-to-end logistics solutions and supporting cargo handling.
• High Heat Tankers Specialized vessels for transportation of liquid pitch, caustic soda, bitumen, and asphalt through the High Heat Tankers PTE Ltd. joint venture with Puma Energy.

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Grieg StarcoreStrategic or Co-development Partner · 1 May 2017G2 Ocean joint venture established May 1, 2017 between Gearbulk and Grieg Star, creating the world's largest fleet of open hatch vessels. The joint venture pools global resources to operate a combined fleet of 130+ ships, with Gearbulk owning 65% and Grieg Maritime Group owning 35%.
• Puma EnergycoreStrategic or Co-development Partner · 15 July 2015High Heat Tankers PTE Ltd established July 15, 2015 with Puma Energy, with commitment of four owned vessels into its pool of high heat, liquid pitch, bitumen and asphalt carriers.
• Maritime Anti-Corruption Network (MACN)coreOthersGearbulk is a member of MACN, cooperating with like-minded industry companies to promote compliance with anti-corruption laws and eliminate corrupt practices. MACN's vision is a corruption-free maritime industry that enables fair trade.
• BIMCOcoreOthersGearbulk is a member of BIMCO, the world's largest direct-membership organisation for shipowners, charterers, shipbrokers, and agents. Around 60% of the world's merchant fleet is a BIMCO member by tonnage.
• NORMA CyberminorOthersGearbulk is a member of NORMA Cyber (Norwegian Maritime Cyber Resilience Centre), which monitors and assesses cyber threats to the maritime industry.
• CSSC Huangpu Wenchong Longxue ShipyardcoreStrategic or Co-development PartnerShipyard in Guangzhou, China building the Pulpmax class newbuildings (82,300 dwt Open Hatch vessels) with ammonia/methanol conversion readiness for delivery 2027-2029.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Emerging players

• Safe Bulkers: Safe Bulkers operates a fleet of dry bulk vessels (Capesize, Panamax, Kamsarmax, Post-Panamax) with a focus on serving industrial customers. Comparable as a dry bulk specialist targeting industrial end-markets, though without Gearbulk's open hatch specialization.
• Höegh Autoliners: Höegh Autoliners operates specialized RoRo vessels for project cargo and breakbulk-like cargoes including wind energy components and oversized industrial goods. It competes with Gearbulk's open hatch capability for project cargo customers in segments like windmill components.

Broad incumbents

• Diana Shipping: Diana Shipping Inc. operates a fleet of dry bulk vessels (Capesize, Kamsarmax, Panamax, and Post-Panamax). It is a broad dry bulk incumbent that overlaps with Gearbulk in market-driven dry bulk demand, though it does not specialize in the open hatch/pulp niche.
• Star Bulk Carriers: Star Bulk Carriers operates one of the largest global fleets of dry bulk vessels, including Newcastlemax, Capesize, Panamax, Supramax, and Handymax segments. While broader than Gearbulk's open hatch focus, it competes for shipper relationships and pool tonnage in adjacent dry bulk trades.
• Genco Shipping & Trading: Genco Shipping & Trading operates a diversified dry bulk fleet across major vessel classes, with exposure to similar industrial cargo flows (iron ore, coal, grain, bauxite). Comparable in operational scope to Gearbulk though without Gearbulk's open hatch specialization.
• Mitsui O.S.K. Lines (MOL): MOL is Gearbulk's majority owner (72% since 2025) and operates a 338-vessel dry bulk fleet globally. It is the natural incumbent peer as both parent and broader dry bulk operator overlapping in some trades.
• Pacific Basin Shipping: Pacific Basin Shipping is one of the world's largest Handysize and Supramax dry bulk operators, with deep expertise in minor bulk trades similar to Gearbulk's niche. Comparable on customer profile and vessel size even if vessel design differs.

Direct peers

• Eagle Bulk Shipping: Eagle Bulk Shipping operates a fleet of Supramax/Ultramax dry bulk vessels focused on the minor bulk segment and industrial customers. While not open hatch specialists, its focus on industrial minor bulk customers mirrors Gearbulk's targeted commercial model.
• U-Ming Marine Transport: U-Ming Marine Transport Corporation operates a fleet of bulk carriers including specialized wood-chip carriers serving the pulp and paper industry in Asia Pacific. Like Gearbulk, it focuses on industrial customers with tailored vessel designs for project-like dry bulk cargo.
• Grieg Star: Grieg Star is Gearbulk's joint venture partner in G2 Ocean, pooling dry bulk tonnage including open hatch vessels. It is the only other sizeable open hatch fleet operator globally, making it the most direct comparable as both a partner and a competitor in specialized dry bulk segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gearbulk
• Xx.com/gearbulkgroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gearbulk