Mitsui O.S.K. Lines, Ltd. (MOL) has increased its stake in Gearbulk Holding Limited (Gearbulk) from 40% to 49% effective effective Jan. 1, 2010.

MOL has been a shareholder in Gearbulk since 1991. Gearbulk is the world's leading open hatch shipping company, with a fleet in service of 64 vessels and a renewal program consisting of about 20 vessels on order.

The company is owned by the Jebsen family and MOL.

The increased shareholding of MOL reflects the long standing partner relationship between the shareholders.

It also demonstrates the firm future commitment of MOL to Gearbulk.

Meanwhile, the Australian Border Patrol has lauded MOL's LNG carrier LNG Pioneer for the rescue of 18 people.