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January 06, 2010

MOL to Boost Investment in Gearbulk

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced a move to increase its investment share in Gearbulk Holding Limited ("Gearbulk") from 40% to 49% effective at the end of December 2009. MOL has been a shareholder in Gearbulk since 1991.

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.

The increased shareholding of MOL reflects the long standing partner relationship between the shareholders. It also demonstrates the firm future commitment of MOL to Gearbulk.

Gearbulk Holding Limited

Established:
March 5, 1991
Headquarters:
Bermuda
Annual sales:
US$941 million (FY2009 Forecast)
Business:
Shipowner and operator of mainly specialized unitized cargo transportation.

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