It will be jointly controlled by Gearbulk and Grieg Star, with Gearbulk owning 65 percent and Grieg Star owning 35 percent. The name of the joint venture is not yet decided, but the shippers say it will be established as an independent Norwegian company with headquarters in Bergen, Norway, and with its own resources and offices around the world. Subject to regulatory approval, the venture is expected to be operational in the first half of 2017.

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

The joint venture will operate over 130 vessels from the combined fleets. VesselsValue.com calculates that the combined worth of the two firms' tonnage comes to over $800m, and it represents about one third of the world's open hatch and gantry fleet.

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