Gearbulk IntegratedReport 2024 Paperturn - Flipbook - Page 38
GEARBULK
REFLECTIONS FROM OUR CHAIRMAN
COMMITTED TO
EXCELLENCE
I am pleased to present our Annual Integrated Report, which
highlights our achievements, challenges, and commitment to
responsible business practices.
In a year marked by global uncertainty—geopolitical tensions,
shifting trade policies, economic slowdowns, and extreme
weather—we have navigated an increasingly complex operating environment. This has reinforced the importance of
adaptability, resilience, and strategic foresight.
Financial resilience in volatile markets
Strengthening Our Presence with a New Majority
In a year marked by market volatility, we
Shareholder
remained focused on 昀椀nancial resilience while
2024 saw the agreement that MOL will increase
adapting to shifting business dynamics. Gear-
its shareholding in Gearbulk to 72%. This marks
bulk’s 昀椀nancial performance this year has unfor-
an important milestone for the company and sets
tunately been weak due to losses in the open
Gearbulk up for the challenges of the future. I am
hatch segment, despite positive contributions
very grateful for the work and dedication of our
from non-core activities. We saw changes to our
people in managing this important project while
business portfolio with the exit from High Heat
maintaining the daily business. In 2025, we will
Tankers and GBSMT; however, this will enable
begin the integration process with MOL and will
a stronger focus on the open hatch segment.
continue to align Gearbulk’s objectives with MOL’s
targets and policies. Key focus areas will be the 昀氀eet
renewal plan, working together to reduce climate
impact and meet environmental regulations, as well
as exploring commercial and 昀椀nancial synergies.
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PART 2 – OUR BUSINESS IN CONTEXT
