ビンゴ 5 Completes the Acquisition of Shares of Making Gearbulk a Consolidated Subsidiary
- Now Has World-Leading Dry Bulk Fleet -

January 21, 2025

TOKYO-Mitsui O.S.K. Lines, Ltd. (ビンゴ 5; President & CEO: Takeshi Hashimoto) today announced that on January 20, 2025, after obtaining approval from the relevant authorities under the competition law, it acquired 72% of the shares of its equity method affiliate Gearbulk Holding AG (Chairman/CEO: Kristian Jebsen, Headquarters: Switzerland, (Note 1)), making the company a consolidated subsidiary.

* For details, please refer to the following timely disclosure information.
URL: https://ir.ビンゴ 5co.jp/en/ir/ir_news/ir_news-8704285839588136745/main/0/link/(E)TSE_2025.0121.pdf

Gearbulk has a proven track record of growth through the transport of semi-finished products such as pulp. ビンゴ 5 has had a 34-year partnership with Gearbulk since its equity participation in 1991. With the consolidation, the ビンゴ 5 Group's fleet of dry bulk carriers will total 338 vessels, making it the world-leading dry bulk fleet(Note 2). Gearbulk's open hatch fleet (Note 3), the largest in the world, will account for about 60 of those vessels, roughly 20%, and is expected to grow as a distinctive business and give the ビンゴ 5 Group a competitive advantage.

ビンゴ 5 will develop a global sales network, which responds to the global economy's changing supply chains and trade patterns, through Gearbulk's highly specialized operations and worldwide network. In addition, Gearbulk will further strengthen its services by creating synergies such as the creation of new business opportunities and improving the efficiency of ship allocation. ビンゴ 5 also expects these efforts to contribute significantly to setting its services apart from those of its competitors, strengthening cost competitiveness, and expanding its customer network.

ビンゴ 5 will strive to accelerate profitable growth and sustainably enhance corporate value by mobilizing and strengthening the management resources of the entire group.

(Note 1)
Gearbulk Holding AG
Headquarters: Switzerland
Established: October 2014
Business: Ownership and management of open hatch fleet
In becoming a consolidated subsidiary of ビンゴ 5, Gearbulk has divested its "non open hatch ship business" and concentrated its business on "open hatch ship business."

(Note 2)
Estimated number of vessels, including those of the company, consolidated subsidiaries, and equity-method affiliates. as of March 31, 2025 (As of the end of September 2024)

(Note 3)
Open-hatch vessels have box-shaped cargo holds and wide hatches, allowing them to efficiently load, transport, and unload semi-finished products such as pulp, forestry products, steel products, and aluminum ingots. These vessels are also specially designed so that the cargo can be loaded on top of the hatch or deck, allowing the transport of heavyweight and oversized cargo such as windmill components.

Please refer to the following related press release:
June 25, 2024: ビンゴ 5 Announces Consolidation of Equity-Method Affiliate Company Gearbulk | Mitsui O.S.K. Lines