Oldendorff Carriers moving forward with fleet renewal program

Germany-based dry bulk carrier owner and operator Oldendorff Carriers is progressing well with its massive fleet renewal program. The latest two newbuilds joined the company’s fleet during Q2 2020.

Since early 2019, the company has taken delivery of a total of 23 bulk carrier newbuilds. The vessels were mostly ordered between 2015 and 2017.

The 23 newbuilds encompass two 100,000 dwt bulkers built at Oshima shipyard in Japan, nine 81,300 dwt vessels built at Hantong yard in China, three 62,500 dwt units constructed at Oshima, six 61,500 dwt vessels built at NACKS and DACKS in China, one 38,000 dwt bulk carrier built at Beihai in China and two 36,000 dwt ships completed at Samjin yard in China.

The latest vessels to enter Oldendorff’s owned fleet were Britta Oldendorff, a 63,000 dwt Ultramax, and Diane Oldendorff, a 100,000 dwt Post-Panamax, both built by Oshima Shipbuilding and handed over during Q2 2020.

These vessels follow Oshima’s supereco designs, which set a milestone in terms of low fuel consumption and emissions, Oldendorff noted.

The shipping company’s remaining orderbook comprises four 209,000 dwt units under construction at Hantong China, slated for delivery in 2021, three 81,300 dwt ships also being built at Hantong and scheduled for delivery in August 2020, and two 18,000 dwt bulkers under construction at Chengxi, China, planned to be handed over from late 2020 until 2021.

Oldendorff added that six of its Kamsarmaxes and two of the Newcastlemaxes were sold to third parties, mostly with long term BB charter back.

The two Transloaders of 18,000 dwt — to be named Calypso and Anna — are being built by CHENGXI Shipyard in Yangzhou, China and are scheduled to be delivered in Q4 2020 and 2021 respectively. The two vessels are equipped with a gravity type self-unloading system and two Liebherr FTS CBG 360 deck cranes, each with an outreach of 36 + 10 metres. They will provide transshipment services in North Vietnam where they will self-load from Capesize vessels and self-unload coal to a power station throughout the duration of a 25-year transshipment contract.

“In the period between early 2019 and early 2021, we will – in addition to our own ships – also have taken delivery of another 16 newbuildings from Post-Panamax to Newcastlemax, which we had agreed to charter long term from other owners, mostly on a floating rate basis,” Oldendorff further said.

The company has also been active on the secondhand market, having snapped up one 209,000 dwt Newcastlemax and two 180,000 dwt Capes from Tata Power with attached long-term contracts of affreightments (CoAs).

The latest acquisition involves a 2010-built 93,000 dwt Post-Panamax, which will join Oldendorff fleet as Celine Oldendorff in early August in Hong Kong.

“For delivery from 2013 onwards, our S&P desk has done a total 226 transactions (buying and selling) for second hand vessels, newbuildings and newbuilding resales,” the company informed.

Oldendorff Carriers operates a diversified fleet of around 700 vessels with a total tonnage of 57,000,000 dwt.