Gearbulk IntegratedReport 2024 Paperturn - Flipbook - Page 11
INTEGRATED REPORT 2024
Gearbulk upholds a strong tradition of excellence and innovation across its
operations. Our vessels, systems, and handling techniques are designed to
deliver reliable, high-quality service, enhancing e昀케ciency and maximising
economies of scale throughout the logistics chain.
Shipowning activities
The Company owns and operates a 昀氀eet of 59 vessels, of which
15 are Open Hatch Gantry Craned vessels (“OHGC vessels”)
conversion, fuel e昀케ciency, and decarbonization initiatives,
we continuously enhance our operations to deliver highquality services while minimising our environmental footprint.
between 36,000 dwt and 72,863 dwt, totaling approximately
Headed from Bergen, Gearbulk Fleet Management remains
1.2 million dwt. OHGC vessels are dry bulk vessels designed
seafarers and shore-based teams while driving e昀케ciency
with traveling gantry cranes and box-shaped cargo holds that
are totally accessible, with no obstructions or deck overhangs.
focused on ensuring the safety and well-being of both our
across our global operations.
A further four vessels are Totally Enclosed Forestry Carrier
Specialised shipping activities
(“TEFC vessels”), which are fully covered OHGC vessels
The majority of Gearbulk’s vessels operate within G2 Ocean’s
designed for loading and discharging in all weather conditions.
open hatch pool, a joint venture between Gearbulk and Grieg
Star. These vessels are primarily designed and equipped
These vessels are complemented by a further 40 vessels which
to transport unitised cargoes, which generally consist of
have box-shaped holds with predominantly open hatches
forest products (principally wood pulp, lumber, plywood,
and are equipped with jib cranes (“Fleximax” or “Semi-open”
and di昀昀erent types of paper and paper board) and other
vessels).
unitised products (principally aluminum, steel and granite).
The uniformity of the majority of the Company’s 昀氀eet enables
In addition, Gearbulk handles project cargoes - high-value,
the Company and its a昀케liates to use its vessels interchange-
semi-昀椀nished, or 昀椀nished products that require careful
ably, which provides scheduling 昀氀exibility, minimises ballast
handling due to their vulnerability to physical damage during
voyages (“ballast voyages” refers to voyages, or legs of voyages,
transportation. These specialized cargoes demand a higher
during which vessels are not fully loaded, which are made to
level of expertise and precision compared to bulk shipments.
position vessels in geographic locations where they may load
cargoes) and reduces costs.
As a pool participant, Gearbulk nominates its vessels to G2
Ocean, while Gearbulk Fleet Management oversees their
The Company also time charters semi-open hatch vessels
technical management. As a Document of Compliance (DoC)
(which di昀昀er from an OHGC vessel primarily in that their
holder, Gearbulk is responsible for ensuring the safe and
hatch openings are slightly smaller than their cargo holds,
e昀케cient operation of its owned and bareboat-chartered
thereby causing minor deck overhangs, and are equipped
vessels within the pool.G2 Ocean provides the commercial
with jib cranes).
management for the 昀氀eet.
Fleet Management activities
The Company conducts its operations through a global
Gearbulk’s 昀氀eet management capabilities are built on a
network of o昀케ces in Brazil, Japan, Norway, Singapore, Swit-
commitment to operational excellence, safety, and sustain-
zerland and the United Kingdom.
ability. Managing a 昀氀eet of over 15 open-hatch vessels, 40
Fleximax vessels, 4 TEFC vessels, three tanker vessels, one
project vessel and one 昀氀oating terminal, our 昀氀eet management activities encompass technical management, crewing,
performance monitoring, vetting, and compliance with environmental, social, and governance (ESG) standards. From
昀氀eet performance optimization and maintenance to vessel
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