Peter Livanos’s DryLog is taking a 50% stake in ArcelorMittal’s shipping subsidiary, Global Chartering Ltd (GCL).
The 28-strong fleet will retain the GCL branding. DryLog and ArcelorMittal have had a working relationship for many years including the joint ownership of a pair of capesizes.
“After a series of successful joint ventures over the last 25 years, it is our pleasure and honour to expand our business relationship with ArcelorMittal, ” said DryLog vice president Yiannis Haramis, adding: “The formation of the new joint venture will allow both organisations to explore effective synergies, optimise alternative transport, and address the challenges facing the shipping industry in terms of sustainability.”