Gearbulk Integrated Report 2023 - Report - Page 54
GEARBULK
OUR MANAGING DIRECTOR (GEARBULK NORWAY) REVIEW
POSITIONED FOR
THE FUTURE
Gearbulk achieved good results in the 2023 昀椀scal year, which
has enabled the Company to further strengthen its 昀椀nancial
position and sustain 昀氀eet growth, as well as to invest in the
organisation and systems for the future.
This year, the Company faced unprecedented challenges and
uncertainties due to geopolitical tensions, environmental
regulations, and market volatility. Despite these di昀케culties,
Gearbulk remained resilient and agile, delivering reliable
and e昀케cient services to our joint ventures, while ensuring
the safety and well-being of our employees and partners.
Fleet performance
One of Gearbulk’s key strengths is our modern and versatile
昀氀eet of open-hatch gantry craned vessels, which can handle
a wide range of cargoes, from forest products and metals,
to project and heavy-lift cargoes. In 2023, we operated an
average of 64 vessels, with a total capacity of 1.8 million
deadweight tons.
Gearbulk also continued to invest in our 昀氀eet, ensuring high
standards of safety and requirements to support the longevity
of the vessels. A key milestone was the takeover of 15 secondhand vessels, which reduced the average age of the Gearbulk 昀氀eet to 18 years. These initiatives together will continue
supporting the capacity needs of our Joint Venture G2 Ocean.
Another key driver of success is the operational excellence of
the, which is supported by the agile organisation on shore,
our digital transformation, and our continuous improvement
culture. In 2023, Gearbulk implemented several initiatives to
optimise the operations, reduce the cost base and increase
productivity.
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PART 3 – OUR STRATEGIC RESPONSE
