Oldendorff buys Capesize bulker trio from Tata Power

Germany-based dry bulk carrier owner and operator Oldendorff Carriers has signed a “comprehensive” package deal with Singapore-based Trust Energy Resources, a subsidiary of Tata Power Company, India’s largest integrated power company.

As informed, the deal involves the acquisition of three Capesize bulk carriers at an en block price of $212.76 million.

The ships in question are the 209,300 dwt, 2016-built Trust Amity, the 180,600 dwt, 2011-built Trust Agility and the 180,600 dwt, 2011-built Trust Integrity, to be renamed Hark Oldendorff, Tete Oldendorff and Tilda Oldendorff, respectively.

The vessels will be taken over within the next three weeks in China and Europe, according to Oldendorff.

The transaction is a package deal that includes long term contracts of affreightment for the transportation of coal to India. MV Trust Amity was already on time charter to Oldendorff since it was delivered from Yangzijiang Shipyard four years ago.

“The sale of our shipping assets announced today is in line with our long term plans to reduce debt and raise funds to invest in our future growth plans, including expanding our presence in the renewable energy business,” Praveer Sinha, CEO & MD, Tata Power, commented.

“(W)e are strengthening even further our trades in/out of India. We see India as one of the drivers for the years to come for the dry bulk market, and we want to be part of that growth,” Peter Twiss, President and CEO of Oldendorff Carriers, said.