Switzerland's Gearbulk and Norway's Grieg Star are to set up a new bulker joint venture.

The company will operate the owners' combined fleet of more than 130 open hatch, semi-open hatch and conventional ships.

Gearbulk will have 65% of the venture, and Grieg Star 35%.

"We see our two operations as complementary, making this joint venture a natural next step for our companies.