ArcelorMittal linked with fourth bulker buy in the space of three weeks

ArcelorMittal linked with fourth bulker buy in the space of three weeks

Greek company Capital Management Services is exiting shipping, brokers tell Splash.

The Athens-based company has sold its only bulker, the one-year-old, Japanese built 81,700 dwt Olga V. The tipped taker of the bulker is steelmaking giant, ArcelorMittal, which is emerging as one of the fastest growing bulker owners in the fourth quarter of the year.

The new purchase is ArcelorMittal’s fourth modern bulker it has bought since the end of October. The new ship brings ArcelorMittal’s bulker spend to just under $160m in the last three weeks.

Its first purchase this year was towards the end of October when it took two capesize newbuildings from JP Morgan. This move was soon followed with the purchase of another Japanese built kamsarmax, the Rich Wave.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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