Steel and mining giant ArcelorMittal’s shipping arm is said to be selling three of its oldest vessels for about $44m in total.
Brokers in the UK, US and Greece reported the move just three months after ArcelorMittal Shipping snapped up one of the most modern capesizes on the water.
TradeWinds reported in November that ArcelorMittal Shipping was being linked to the $67.5m purchase of Transmed Shipping’s 182,300-dwt Agis (built 2023).
The capesize had been delivered just weeks earlier from Japan’s Namura Shipbuilding.
That transaction has since been confirmed, with the Agis listed with ArcelorMittal under its new name GCL Thames.
With the capesize added to its fleet, ArcelorMittal appears to have thought the time had come to clear out some of its older and smaller tonnage.
According to several brokers, the company is in the process of selling all three of its post-panamaxes.
The ships — all built at China’s Jiangsu New Yangzi Shipbuilding — are believed to be entering separate transactions with different buyers.
Chinese interests are said to be spending between $13.7m and $14m on the oldest vessel, the 93,200-dwt AM Point Lisas (built 2010).
The 93,200-dwt AM Ghent and AM Tubarao (both built 2011) reportedly fetched $15.2m and $14.9m, respectively.
ArcelorMittal did not respond to a request for comment.
Two similar but scrubber-fitted post-pananaxes built in China — the 93,300-dwt Charlotte Oldendorff and 93,100-dwt Christine Oldendorff (both built 2010) — were reported sold to Greeks last month for $15.45m each.
ArcelorMittal, which owns and operates more than 20 ships, has been looking for younger and larger tonnage.
Three years ago, the Indian company announced that its Global Chartering joint venture with Peter Livanos-backed DryLog was in talks with New Times Shipbuilding to order up to 10 energy-efficient bulker newbuildings.
However, the venture eventually ordered just four baby capesizes.
This likely left ArcelorMittal looking for alternative ways to find vessels built to the latest environmental standards.