Norwegian bulk shipping companies Gearbulk and Grieg Star are forming a new joint venture to be based in Bergen that will operate a fleet of more than 130 ships valued at $800 million.

The new entity will be 65 per cent owned by Gearbulk and 35 per cent owned by Grieg Star, with the two companies retaining their independent technical ship management and ownership of vessels, including two new ultramax bulk carriers being built for Grieg Star by China’s Dayang Shipbuilding.

The yet-to-be-named joint venture is expected to become fully operational within the first half of this year, subject to corporate authorisations and relevant regulatory approvals.


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