Gearbulk Integrated Report 2023 - Report - Page 10
GEARBULK
OVERVIEW OF OUR BUSINESS
A PLATFORM FOR
SUSTAINABLE
OCEAN BUSINESS
Gearbulk is an international shipping company which provides an
indispensable link in the worldwide industrial supply chain. Our
business areas consist of shipowning, 昀氀eet management, specialised
shipping activities and terminals. We are committed to providing
high quality transportation services for a wide range of industries
through our companies, joint ventures and other interests. Gearbulk,
together with our Joint Venture, G2 Ocean, operates the world’s
largest 昀氀eet of Open Hatch gantry and jib crane vessels, purposebuilt to carry forest products and other unitised breakbulk cargoes.
The Company operates in a capital-intensive industry
requiring substantial investments in vessels to maintain
and renew its revenue-generating assets. Historically, the
Company has 昀椀nanced its vessels and general corporate
昀椀nance requirements through a combination of operating
cash 昀氀ow, borrowings from commercial banks, long-term
lease 昀椀nancing and unsecured 昀椀nance.
The Company’s current intention is
to 昀椀nance its future vessel acquisitions and general corporate 昀椀nance
requirements using balanced
昀椀nancing solutions.
Customers are primarily international companies in the forest
product and other unitised products industries. Together
with G2 Ocean, the Company directly or indirectly has long
standing relationships with its customers, and as a result,
a substantial percentage of its revenue is generated under
Contracts of A昀昀reightment (“COAs”).
Shipowning activities
The Company owns and operates a 昀氀eet of 61 vessels, of which
16 are Open Hatch Gantry Craned vessels (“OHGC vessels”)
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PART 1 – WHO WE ARE
