Piraeus based DryLog and ArcelorMittal are joining forces in a shipping joint venture. Greek shipping tycoon Peter Livanos backed DryLog took a 50% stake in ArcelorMittal’s shipping subsidiary Global Chartering Ltd. Global Chartering Ltd will retain its name. Global Chartering Ltd will control 28 bulk carriers. Shipowner and operator DryLog and steel giant ArcelorMittal’s joint venture Global Chartering Ltd aims to leverage ArcelorMittal’s cargo commitments and DryLog’s ship-management expertise.
Lately, cargo owners have tightened their relationships with shipowners. For example, Cargill entered a pool with Maersk Tankers and Trafigura is working with John Fredriksen backed Frontline.
According to DryLog vice chairman Yannis Haramis, new joint venture will allow both DryLog and ArcelorMittal to effectively explore synergies, optimize transport alternatives as well as take head on challenges the shipping industry will face.
DryLog and ArcelorMittal have had a close business relationship for more than 25 years. Furthermore, DryLog and ArcelorMittal jointly own the 2010 built capesize bulk carrier 176K DWT MV Bulk Mexico and 2011 built capesize bulk carrier 176K DWT MV Bulk Spain.
According to ArcelorMittal Shipping CEO Viral Vora, joint venture will further cement the long-standing and productive relationship between DryLog and ArcelorMittal.