Gearbulk IntegratedReport 2024 Paperturn - Flipbook - Page 79
INTEGRATED REPORT 2024
Reorganisation and divestment
The divestment of the Non-Open Hatch division generated a
positive equity e昀昀ect, although the Pro昀椀t and Loss statement
remained una昀昀ected due to the accounting treatment. Additionally, two of our former joint ventures, HHT and GBSMT, were
incorporated into the restructuring process and subsequently
sold during the year, yielding a negative result of of $19.5m.
Change in ownership structure
A Memorandum of Understanding was agreed between MOL
and Halberton during the year, establishing the basis for MOL
to increase its participation in Gearbulk from 49% to 72%.
To complete the transition, several tasks were successfully
completed during 2024. The agreement was executed on 20th
January 2025, representing a historic milestone as Gearbulk
became a MOL subsidiary.
A strengthened relationship with MOL, one of Gearbulk’s
longstanding shareholders, further supports our vision of
becoming the preferred ocean transportation partner, while
also enhancing our long-term perspectives.
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