G2 Ocean is expected to be operational by the end of the first half of this year, and will operate a fleet of over 130 vessels, including open hatch, semi-open hatch and conventional bulk ships.
The JV will be headquartered in Bergen, Norway and has already received approval from authorities in Poland, Germany and Brazil.
G2 Ocean’s 65% of share will be owned by Gearbulk once the JV formation is complete, while the remaining 35% will be controlled by Grieg Star.
G2 Ocean CEO Rune Birkeland said: “We anticipated such a conclusion from the authorities, but that does not mean the final approval was not received with joy.
“Now we roll up our sleeves and continue the hard work; our goal is still to create a world class shipping company for the future.”
Gearbulk and Grieg Star announced their plan to form G2 Ocean in October, and the JV is aiming to have a number of offices located worldwide.
Grieg Star CEO Camilla Grieg said in an announcement: “We see our two operations as complementary, making this joint venture a natural next step for our companies.
“In an increasingly competitive market, we believe this new entity will have the size to build and sustain a versatile and independent shipping service.”
Grieg Star currently operates a fleet of around 45 owned and chartered open hatch, semi-open hatch and conventional bulk vessels.