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Mittal signs with Mittal

Mittal signs with Mittal

Mumbai: History has been made with the landmark signing between two of India's richest men, both called Mittal. L N Mittal (pictured), the steel titan and world's fifth richest man,  has signed a time charter deal with Harish K Mittal, head of Mercator Lines, the second largest private sector shipping company in India. This is the first time that the massive Arcelor Mittal has signed a deal with an Indian shipping firm.

Shipbrokers tell the Times of India that Mercator Lines' Singapore arm will soon rent out one of the four ships it will acquire from Norwegian owners to Arcelor Mittal for two years at $36,000 per day.

This ship being given to Arcelor Mittal is one of the four ships acquired from Arne Blystad group of companies from Norway which Mercator splashed a total of $236m on. The four ships consist of three geared panamaxes and a Kamsarmax, all aged between one and two. [07/05/07]