DryLog, a subsidiary of Greek shipping company Ceres, agreed to acquire a 50% stake in Global Chartering, the wholly owned shipping business of ArcelorMittal for $530m. "The joint venture will benefit from the combination of the two businesses respective knowledge and expertise, and ArcelorMittal’s extensive annual cargo commitments, a portion of which will be handled exclusively by the JV. It will also benefit from DryLog’s ability to optimise transport solutions and its technical and commercial vessel management expertise. These factors will enable the joint venture to grow its operations and become a significant player in the international shipping industry," ArcelorMittal.