Bulk carriers launch G2 Ocean JV

Ocean carriers Gearbulk and Grieg Star have completed and launched a new joint venture called G2 Ocean that will focus primarily on the operation of their combined fleet of open hatch, semi-open hatch and conventional bulk vessels.    Ocean carriers Gearbulk and Grieg Star have completed and launched a new joint venture called G2 Ocean, Grieg Star Chief Executive Officer Rune Birkeland said in a letter to customers. 
   G2 Ocean, which launched officially on May 1, will focus primarily on the operation of Gearbulk and Grieg Star’s combined fleet of open hatch, semi-open hatch and conventional bulk vessels.
   Under the agreement, first announced in October 2016, Hamilton, Bermuda-based Gearbulk will own 65 percent of the new JV and Bergen, Norway-based Grieg Star 35 percent.
   Vessel voyages currently underway will be completed by the respective company, but going forward, all shipping activities of Gearbulk and Grieg Star within the JV scope will be transferred to G2 Ocean.
   Birkeland will serve as CEO of G2 Ocean, and Arthur English will serve as chief commercial officer, the companies said.