Gearbulk IntegratedReport 2024 Paperturn - Flipbook - Page 94
GEARBULK
MANUFACTURED CAPITAL
YEAR
IN REVIEW
Continuous enhancement on operational e昀케ciency
Investing in our current 昀氀eet
Gearbulk remains dedicated to continuously improving oper-
The total CAPEX investment for 2024 amounted to 56 MUSD
ational e昀케ciency across its 昀氀eet, which not only mitigates
(2023: 120 MUSD), in addition to Drydock investments of 17.0
negative impacts but also creates value for our customers
MUSD (2023: 17.4 MUSD).
through our joint venture, G2O. Through meticulous planning, strategic investments, and innovative initiatives, we
The investments are key to ensure our vessels operate and
have optimised vessel performance, minimized turnaround
furthermore our commitment to ESG to reduce our impacts
times, and reduced fuel consumption.
on the environment.
By leveraging advanced technologies and data-driven
Initiating our 昀氀eet renewal program
analytics, we have implemented predictive maintenance
During 2024 Gearbulk placed an order for six 82,300 dwt Open
programs that proactively address potential issues, ensuring
Hatch vessels. The ammonia/ methanol ready, open hatch
seamless operations and minimizing downtime. These
ships will have eight holds / hatches and four electro-hydraulic
ongoing e昀昀orts demonstrate our commitment to delivering
jib cranes with SWL lifting capacity of 2x 75 metric tonnes and
exceptional value while enhancing sustainability in our oper-
2x 120 metric tonnes. Dedicated deck space on either side of
ations.
the accommodation has been incorporated into the design for
the future installation of fuel tanks for alternative fuels. With
Gearbulk decreased its Ton per mile (TPM) for 2024 by 4.1%
a length overall of 225 meters and beam of 36 meters, this
compared with 2023. TPM is a key indicator of the e昀케ciency of
new vessel design has been designated as a ‘Pulpmax.’
the shipping industry, as it measures ton of cargo transported
per mile. This was driven by a combination of factors, such as
All six newbuildings are scheduled for delivery during 2027.
softer market conditions, decreased cargo demand, o昀昀-set
The newbuildings will not only strengthen Gearbulk’s business
by optimised 昀氀eet utilisation, and enhanced operational
but also serve as a catalyst for the growth and success of G2
excellence. Gearbulk’s performance on TPM demonstrates
Ocean by providing enhanced cargo handling capabilities and
its ability to deliver value to its joint venture G2 Ocean, share-
greater 昀氀exibility in their service o昀昀ering. Furthermore, these
holders, and stakeholders in a challenging and competitive
newbuildings show Gearbulk’s commitment to environmental
environment.
sustainability as they are equipped with technologies aimed
at reducing emissions and minimizing environmental impact.
Optimising value through competitive Operating Expend-
During 2024 Gearbulk did not recycle any vessels in the
iture
managed 昀氀eet; furthermore, there were no additions to
The costs of our operations are subject to external chal-
the 昀氀eet during the year.
lenges, such as in昀氀ation rates, volatility in exchange rates,
and regulatory changes, etc. Gearbulk remained committed
to keeping its vessel operational expenditure (OPEX) competitive and e昀케cient. As a result, the Gearbulk Open Hatch 昀氀eet
achieved a decrease of 4.1% in OPEX per day from 2023 to
2024, despite relatively high in昀氀ation rate during the period,
but also re昀氀ecting the one-o昀昀 takeover expenses for vessels
added to Gearbulk’s management in FY 2023.
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PART 4 – HOW WE CREATE VALUE
