Steel and mining giant ArcelorMittal and Peter Livanos-backed DryLog are joining forces in a shipping joint venture.

The outfit will see DryLog take a 50% stake in ArcelorMittal's shipping subsidiary Global Chartering Ltd.

It will retain that name and the 28 bulkers in its employ and aims to leverage ArcelorMittal's cargo commitments and DryLog's management expertise.

"After a series of successful joint ventures over the last 25 years, we are happy and honoured to expand our business relationship with ArcelorMittal," DryLog vice chairman Yannis Haramis said.

"The formation of the new joint venture will allow both organisations to effectively explore synergies, optimise transport alternatives as well as take head on challenges the shipping industry will face in terms of sustainability." 
ArcelorMittal Shipping chief executive Viral Vora said the new business was a "strong strategic fit".

"This joint venture partnership with DryLog further cements the long-standing and productive relationship between the two organisations," he said.

"By pooling our knowledge and resources into the JV, we expect to be able to grow the business through vessel sharing, cargo knowledge and shared expertise.