Reports / April 01 2017

Annual Report 2016

Financial Statements

On October 19, 2016, Grieg Star and Gearbulk announced their intention to enter into a joint venture: G2 Ocean, in order to establish a highly versatile and customer oriented, worldwide dry bulk shipping company.

G2 Ocean will combine the companies’ global commercial resources and expertise to operate the parties’ combined fleet of open hatch, semi open hatch and conventional bulk vessels. The total number of vessels operated will be over 130. The JV will be jointly controlled by Gearbulk and Grieg Star, with Gearbulk owning 65% and Grieg Star owning 35%. G2 Ocean will be established as an independent Norwegian company with headquarters in Bergen, Norway, with its own resources and offices around the world. Subject to completion of final agreements, G2 Ocean is expected to be fully operational from second half 2017. The two parties will retain their independent technical ship management and ownership in the vessels. Grieg Star’s terminal in Squamish, Vancouver (Canada), will also remain outside the scope of the new JV.

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