Global shipping company Gearbulk has secured an approval from the US Department of Justice (DoJ) to establish a dry bulk shipping joint venture (JV) with Grieg Star named G2 Ocean.

G2 Ocean is expected to be operational by the end of the first half of this year, and will operate a fleet of over 130 vessels, including open hatch, semi-open hatch and conventional bulk ships.

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The JV will be headquartered in Bergen, Norway and has already received approval from authorities in Poland, Germany and Brazil.

G2 Ocean’s 65% of share will be owned by Gearbulk once the JV formation is complete, while the remaining 35% will be controlled by Grieg Star.

G2 Ocean CEO Rune Birkeland said: “We anticipated such a conclusion from the authorities, but that does not mean the final approval was not received with joy.

"In an increasingly competitive market, we believe this new entity will have the size to build and sustain a versatile and independent shipping service."

“Now we roll up our sleeves and continue the hard work; our goal is still to create a world class shipping company for the future.”

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Gearbulk and Grieg Star announced their plan to form G2 Ocean in October, and the JV is aiming to have a number of offices located worldwide.

Grieg Star CEO Camilla Grieg said in an announcement: “We see our two operations as complementary, making this joint venture a natural next step for our companies.

“In an increasingly competitive market, we believe this new entity will have the size to build and sustain a versatile and independent shipping service.”

Grieg Star currently operates a fleet of around 45 owned and chartered open hatch, semi-open hatch and conventional bulk vessels.