MOL logs $146m extraordinary loss due to Gearbulk and ONE

Japan’s MOL has announced an extraordinary loss of ¥15.9bn ($146m) related to financial difficulties at subsidiary companies Gearbulk and Ocean Network Express (ONE).

Tokyo-based MOL said subsidiary MOL Bridge Finance set aside $71m against a possible loan default from Bergen-based open-hatch bulker operator Gearbulk.

The Japanese company has been a 49% shareholder in Gearbulk since 2009.

MOL said the provision for loan default had been made because Gearbulk’s specialist market had remained “sluggish for a longer time than anticipated due to the effect of the novel coronavirus and other factors”.