ArcelorMittal snaps up resale capes from JP Morgan

ArcelorMittal snaps up resale capes from JP Morgan

Lakshmi Mittal’s ArcelorMittal has just added several bulkers to its fleet according to brokers.

The Luxembourg-based company is said to have acquired two resale capsizes from JP Morgan, True Valor and True Virtue, with deliveries from Shanghai Waigaoqiao Shipbuilding expected around May 2019. The two vessels went for around $49m each, slightly higher than the fair market value placed on them by VesselsValue of $46.55m and $46.33m. JP Morgan had ordered the vessels in June 2017 for $45m.

ArcelorMittal is also being linked to the acquisition of 2017-built Tsuneishi kamsarmax Rich Wave from Japan’s Fuyo Kaiun in an off-market deal. Brokers put the sale price at mid-high $28m, with MSI giving the vessel a fair market value of $29.2m.

It is yet to be revealed if the acquisitions are via ArcelorMittal Shipping, another ArcelorMittal subsidiary, or third parties who will charter the vessels to the steel giant. If ArcelorMittal Shipping is behind the deal it would mark their first acquisition in over ten years, VesselsValue records show.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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