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Oldendorff Details 2021 Fleet Investments in Growth Strategy

Oldendorff fleet investments newbuilds acquisitions
Lily Oldendorff has been sold as part of the fleet invesmtnet program (Oldendorff Carriers)

By The Maritime Executive 04-06-2021 04:25:00

Oldendorff Carriers, the German dry bulk carrier, mapped out a series of planned investments for its fleet in 2021designed to continue its growth and strengthened the company’s leadership in the sector. With the planned investments and additional vessels recently taken on charter, Oldendorff Carrier’s fleet will exceed 750 vessels in operation.

Among the investments the company is proceeding with in 2021, are orders for two Ultramax dry bulk carriers to be built in China. The company also recently agreed to the acquisition of two post-Panamax vessels that will be delivered this month.

The order for the two 61,300 dwt Ultramaxes went to Dalian Cosco Kawasaki Ship Engineering Co Ltd (DACKS) in China. The vessels, which are the Kawasaki eco-design are due for delivery in July 2022. Oldendorff had previously built nine similar vessels at DACKS and its sister yard NACKS, with the last of the vessels being delivered in 2019.

The Ultramaxes feature advanced designs including a Hudong-MAN-B&W 6S50ME-B9.3 main engine, and an “Erma First” BWTS system. They have Masada / Mitsubishi cranes, and a large portion of their equipment is imported from Japan, including Daihatsu auxiliary engines and Nakashima propellers.

In separate transactions, Oldendorff also acquired two 93,000 dwt post-Panamaxes that were built in 2012 in China. They are equipped with a Korean-built Doosan-MAN-B&W 6S60MC and Doosan auxiliary engines. Oldendorff has been operating the vessels on charter for the past several years. The hips are scheduled to be transferred to their ownership in April 2021.

Oldendorff also has two Newcastlemax newbuildings, Heide Oldendorff and Hauke Oldendorff that will be delivered later this year in August and the October-November timeframe. The last of the company’s Newcastlemax vessel currently on order, these ships are being built at the Hantong Shipyard. Oldendorff has built a total of 18 “MARIC”-design Newcastlemaxes over the past five years at three different yards in China. Initially, Oldendorff will use these new ships in its usual Capesize trades, but starting in 2023, they are scheduled to begin service under long-term charter agreements. Previously, the line sold four of the Newcastlesmaxes in this series and operates them on long-term charters.

Oldendorff took delivery on the first of two highly specialized Transloader newbuildings, Calypso, which was delivered from Chengxi Shipyard on January 15. She sailed to North Vietnam, where she commenced a 25-year transshipment CoA for a consortium of Marubeni and Kepco. Her sister vessel, the Anna, will be commissioned in July.

While most of the investments are growing the fleet, Oldendorff also took advantage of opportunities in the market to sell its Handysize bulker, the Lily Oldendorff to buyers in the United Arab Emirates. The 38,000 dwt vessel, which was built in 2017 at Avic Weihai, will be delivered to the buyers next month.