G2 Ocean, the world’s largest open hatch ship operator, has named SK Lim as its next chief executive, with current CEO Arthur English set to become chairman. The changes, announced on 20 October 2026, will take effect on 1 January 2027.

On the same date, English will also become CEO and a board member of Gearbulk, G2 Ocean’s majority shareholder. Kristian Jebsen will step down as executive chairman of G2 Ocean and as chairman and CEO of Gearbulk. The appointments bring a coordinated leadership transition to the shipowning business and its commercial operating platform following changes in Gearbulk’s ownership.

Pacific experience shapes the succession

Lim joined G2 Ocean in March 2020 as Managing Director Pacific and brings nearly 30 years of experience in commercially focused shipping roles. His background spans shipping, offshore and finance, and he also serves on the board of the Norwegian Business Association Singapore. During his tenure, the Pacific region has become increasingly important to G2 Ocean’s business.

English expressed confidence in Lim’s ability to lead the company, citing his understanding of its business, customers and teams, as well as his contribution to strengthening its Pacific position and developing new business. Lim said he looked forward to continuing the company’s development with its teams and thanked English and the board for their trust. The internal appointment retains an executive with established customer relationships and direct experience of one of the company’s increasingly important markets.

English returns to Gearbulk

For English, the Gearbulk appointment represents a return to a business where he spent much of his career. He worked at Gearbulk from 1994 to 2017 before joining the newly established G2 Ocean as chief commercial officer. He became G2 Ocean’s CEO in January 2020, giving him experience across both organisations and throughout the operating platform’s development since its formation.

The transition follows a substantial change in Gearbulk’s ownership. In October 2024, Gearbulk announced that Kristian Jebsen and his family intended to sell their remaining 28% stake to Japan’s Marubeni Corporation. Mitsui O.S.K. Lines completed an increase in its own holding to 72% on 20 January 2025, making Gearbulk a consolidated subsidiary. According to G2 Ocean’s latest announcement, Gearbulk is now owned 72% by MOL and 28% by Marubeni.

When Marubeni’s investment was announced, Gearbulk said the two companies had maintained commercial relations for more than 30 years and that the new shareholder would strengthen its investment capacity and support its commitment to G2 Ocean. MOL, in turn, identified Gearbulk’s specialised operations and global network as a means of expanding customer relationships, creating business opportunities and improving vessel allocation.

English’s dual appointment keeps an executive familiar with both businesses involved in Gearbulk’s management and G2 Ocean’s strategic oversight. In practical terms, it preserves a direct management link between the shipowner making fleet investment decisions and the operating platform working with cargo customers.

Higher pool distributions despite lower revenue

Established in 2017 by Gearbulk and Grieg Maritime Group, Bergen-based G2 Ocean specialises in open hatch shipping for forest products, metals and project cargo. Wide hatch openings and box-shaped holds facilitate the handling of pulp, steel and aluminium, while the vessels can also accommodate large cargoes such as wind energy components.

The company’s 2025 results illustrate how its commercial model translates into returns for its fleet partners. G2 Ocean operated an average of 96 nominated and chartered vessels, carried 21.1 million revenue tonnes of cargo and generated revenue of $1.158 billion. Although lower market activity reduced revenue, higher freight rates and lower voyage-related costs improved overall earnings. Pool distributions to Gearbulk and Grieg Maritime Group reached $457 million, an increase of 16% from the previous year.

Under the pool arrangement, the participating shipowners provide vessels, while G2 Ocean manages customer relationships, trades, port operations and cargo handling. Earnings are then distributed to the pool participants according to the business’s financial performance. Returns therefore depend closely on the operator’s ability to secure cargo, organise voyages and manage costs. That relationship gives particular relevance to Lim’s commercial experience and English’s familiarity with both the shipowning and operating businesses.

Newbuildings and upgrades continue alongside the handover

Fleet renewal is continuing as the companies prepare for the leadership transition. Under plans announced in May 2026, G2 Ocean’s newbuilding programme includes 10 vessels of 82,300 dwt for delivery between 2026 and 2029. The first, Star Norge, was delivered in January 2026. A further six 65,400-dwt open hatch gantry crane vessels are due to enter the pool from 2029.

The six ships will be built at New Dayang Shipbuilding in Yangzhou, China. Grieg Maritime Group will own two, while Seaspan will own the other four and bareboat charter them to Gearbulk for deployment in the G2 Ocean pool. They will feature eight open hatch cargo holds, two gantry cranes and tween decks that allow different cargoes to be carried together. The design also provides for future use of alternative fuels such as ammonia or methanol.

The new vessels will broaden the range of gantry crane tonnage available to G2 Ocean, helping it match ships to customers’ cargo sizes and handling requirements. Investment also extends to the existing fleet: Star Kirkenes is scheduled to receive a wind-assisted propulsion system in late 2026 or early 2027. Bringing new tonnage into service while improving the efficiency of existing ships will remain part of the incoming leadership’s operating agenda.