Gearbulk and Grieg Star ‘cornering the market’ with new JV

Gearbulk and Grieg Star ‘cornering the market’ with new JV

Gearbulk and Grieg Star are trying to “corner the market” in the open hatch/gantry sector, analysts at online ship pricing vehicle VesselsValue.com claim. News yesterday that the two European dry bulk firms will combine their fleets to create a venture with more than 130 ships has sent ripples throughout the sector.

“The two owners each have a large position in the Open Hatch/Gantry market. The combined fleet will control 36% (by size DWT) of the global Open Hatch/Gantry fleet giving the JV a very strong position in that niche market,” VesselsValue.com said in a note. The combined entity’s dominance in the ultramax open hatch/gantry sector is especially pronounced with the two controlling 79% of that niche.

“It’s about scale and cost cutting,” a source at Gearbulk told Splash.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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