It was a case of "adapt quickly or die slowly" when Gearbulk made it clear last year that the dry bulk carrier had to cut down costs, among other things by renegotiating several charter contracts with Japanese shipowners.

The company's website still has a press release from April 20, 2020, about the forthcoming negotiations with Japanese shipowners as its most recent news, with no later postings.

At the time, Kristian Jebsen, chairman and owner of Gearbulk, stated that the Covid-19 pandemic has worsened the market outlook, which necessitated a reduction of costs.

"The unforeseen and unfortunate pandemic crisis adds further strain on an already difficult international business environment, and everyone needs to adjust their expectations and adapt to this new reality. It is 'adapt quickly or die slowly'," Jebsen said with no further details on the number of ships or charter contracts that were being renegotiated.

"We trust our Japanese partners will support this measure and adapt to this new reality, as other stakeholders in Gearbulk are doing," Jebsen said in the press release.

Completed renegotiations

While Gearbulk has refrained from posting a new update more than a year later, the company now tells ShippingWatch that it has succeeded in getting through the process.

"We've completed renegotiations of agreements with 34 Japanese-owned ships and other cost-saving measures," Gearbulk informs ShippingWatch, once more without detailing the agreements and cut costs.

As opposed to 2020, which led Gearbulk to examine its costs, the dry bulk carrier has seen a significantly stronger market during 2021.

Gearbulk is behind dry bulk venture G2 Ocean with Grieg Star. As ShippingWatch reported on Tuesday, G2 Ocean is currently expanding its Singapore office with nearly a doubling of its staff.

Japanese MOL owns 49 percent of Gearbulk. The remaining 51 percent are owned by Kristian Jebsen and his family.

English Edit: L. N. Barnes

Gearbulk to renegotiate ship contracts with Japanese shipowners 

G2 Ocean kicks off major expansion of Singapore office