ArcelorMittal to sell 50% stake in Global Chartering Limited

ArcelorMittal has signed an agreement with DryLog Ltd to sell a 50% stake in Global Chartering Limited, its wholly owned shipping business, and will subsequently establish a 50/50 shipping joint venture with DryLog. The deal is expected to be completed by the end of 2019. GCL currently operates 28 dry cargo vessels, which range from Supramax to Cape Size, 25 of which are on long-term lease and will be transferred to a joint venture, and the remaining three are directly owned.

The joint venture will benefit from a combination of the respective knowledge and experience of the two companies, as well as from ArcelorMittal's extensive annual freight forwarding commitments, some of which will be carried out exclusively by the joint venture. He will also benefit from DryLog's ability to optimize transport solutions and his technical and commercial ship management skills. These factors will enable the joint venture to expand its activities and become an important player in the international shipping industry.