PFÄFFIKON, Switzerland and BERGEN, Norway - Gearbulk and Grieg Star today announce their intention to enter into a joint venture to establish a highly versatile and customer oriented, world wide dry bulk shipping company. The joint venture (JV) will combine the companies’ global resources and expertise to operate the parties’ combined fleet of open hatch, semi open hatch and conventional bulk vessels. The JV will be jointly controlled by Gearbulk and Grieg Star, with Gearbulk owning 65% and Grieg Star owning 35%. The Board of Directors will be composed of 5 members; 3 appointed by Gearbulk and 2 appointed by Grieg Star. Chair of the Board of Directors will be Kristian Jebsen, with Grieg Star holding the vice chair. This agreement represents the firm intention of both companies to build an improved range of services for our customers. The combined number of vessels and trades will make it easier for our customers to find services that fit their needs, says Kristian Jebsen, Chairman/CEO of Gearbulk. The talks and cooperation throughout this process have built an invaluable trust and confidence between the parties. The two companies both have strong corporate cultures and values, and we aim to take the best from the two, and merge them into one strong, customer-oriented culture, says the Chair of Grieg Star, Elisabeth Grieg. The name of the joint venture is yet to be decided, but it will be established as an independent Norwegian company with headquarters in Bergen, Norway and with own resources and offices around the world. The Chief Executive Officer will be Rune Birkeland, and the Chief Commercial O icer will be Arthur English. Subject to completion of final agreements, corporate authorizations and relevant regulatory approvals having been obtained, the JV is expected to be fully operational through the first half of 2017. We see our two operations as complementary, making this joint venture a natural next step for our companies. In an increasingly competitive market, we believe this new entity will have the size to build and sustain a versatile and independent shipping service, says Camilla Grieg, CEO of Grieg Star. The total number of vessels operated by the joint venture will be over 130. The world-wide offices will provide a strong presence on every continent and ensure the JV is best placed to serve the customer’s needs locally and globally. The obligations towards existing contracts shall remain fully in force and will be fulfilled by the JV, under the ultimate responsibility of its shareholders. The two parties will retain their independent technical ship management and ownership in the vessels. Further, the scope of the Joint Venture excludes activities and vessels operated by Gearbulk in association with other third parties, as well as terminal business, transshipment activities, operation of liquid pitch tankers and caustic bulk vessels. For Grieg Star, their terminal businesses will also remain outside the scope of the new JV.