ArcelorMittal, an international shipping and mining giant with a fleet of 15 ships, is being tied to a big-ticket deal for one of the most modern capesizes in operation.
Several shipping sources in London and Athens are linking the conglomerate’s ArcelorMittal Shipping arm to a $67.5m deal for the 182,300-dwt Agis (built 2023).
It was barely two months ago that Transmed Shipping, a low-profile company based in Greece and Cyprus, took delivery of the ship as a newbuilding from Namura Shipbuilding in Japan.
Managers at ArcelorMittal and Transmed did not respond to a request for comment.
Some brokers named different, UK-based shipping players as the vessel’s likely buyers — Zodiac Maritime and Hayfin Capital. However, TradeWinds is told that this information is not accurate.
ArcelorMittal Shipping has been on the search for modern capesize tonnage for quite some time.
Brokers linked the company to the purchase of two Sinokor vessels — the 181,100-dwt, scrubber-fitted Chow and 180,900-dwt Comanche (both built 2016) — last month.
Even though that information was mistaken, as TradeWinds reported at the time, it certainly suggests that ArcelorMittal was on the lookout for younger and larger tonnage than the one it currently has on the water.
Two 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 bulk carrier newbuildings.
However, the venture eventually ordered just four baby capesizes. This has likely left ArcelorMittal looking for alternative ways to find vessels built to the latest environmental standards.
‘A’ grade vessel
The Agis fits that bill, as it comes equipped with advanced environmental and energy-saving technologies that put it at the forefront of currently available, conventionally fuelled engine technology.
According to Clarksons’ shipping databank, the Agis easily obtains an environmental rating of A under the International Maritime Organization’s Carbon Intensity Indicator.
That probably explains why ArcelorMittal is prepared to pay top dollar for the ship.
Signal Ocean data platform estimates that the Agis is currently worth $64.9m, which is $2.6m below what ArcelorMittal is believed to have paid.
The profit margin of seller Transmed is likely even wider.
It is not clear how much the Mylonas family-controlled company paid Namura for the newbuilding. According to VesselsValue, the ship was worth less than $50m when it was contracted in September 2020.
‘Sound appetite’
Sale-and-purchase brokers hailed the transaction as indicative of healthy activity in the secondhand market.
“There is a sense that buying appetite remains sound and fairly distributed among the different size segments,” Allied Research said in its market comment on 13 November.
Other capesizes reported sold by brokers this week include JP Morgan’s 181,400-dwt True Cartier (built 2014) for $37m.
China’s Rainbow Maritime is said to have divested the 180,100-dwt Xin Bin Hai (built 2010) to undisclosed Greek buyers for between $20.7m and $21.5m.
In a confirmed transaction, US-listed Safe Bulkers announced on 14 November the sale of the 76,000-dwt Katerina (built 2004) for $10.2m — yet another of its older vessels.
