Breakbulk joint venture G2 Ocean has received antitrust approval from U.S. regulators, paving the way for the alliance to start operations in the first half of 2017.
The joint venture between Norwegian breakbulk firm Grieg Star and Bermuda-based Gearbulk was approved by the U.S. Department of Justice. The combined G2 fleet will feature more than 130 vessels, including open-hatch, semi open-hatch and conventional bulk vessels.
G2 Ocean will be headquartered in Bergen, Norway, and will be led by Rune Birkeland as CEO. Gearbulk will own a 65 percent stake in the new company while Grieg Star will own the remaining 35 percent
“We anticipated such a conclusion from the authorities. But that does not mean the final approval was not received with joy. Now we roll up our sleeves and continue the hard work. Our goal is still to create a world-class shipping company for the future,” Birkeland said.
The firms expect the joint venture will offer “pioneering sustainable shipping solutions” and provide a “strong presence” on every continent.
Photo: G2 Ocean will combine the fleets of Gearbulk and Grieg Star. Credit: Gearbulk