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.
Cookies are small text files that are automatically downloaded to your device when you visit a specific website. You can easily view them or delete them when locally stored on your device and you can also disable cookies through your internet browser – however this is not recommended as it may affect the smooth functioning of the website.
Cookies provide information to website owners about visitor’s activities on the website (examples include web pages visited, length of visits etc), We collect this information in a way that does not identify the visitor nor we attempt to find out or store this kind of information.
Important note – this information applies only to this website and not to other websites to which this site links.