Oldendorff Signs 23 Deals with Chinese Firms

German dry bulk shipping company Oldendorff group has revealed a series of 23 deals with Chinese leasing companies over the last year.

None of these deals involve lease finance, said the company.

The deals involve six capesizes, four kamsarmaxes and 13 ultramaxes and comprise a range of resales and both fixed and floating time charters. Ten of the vessels will have scrubbers fitted.

"The charters we provided are market related and mostly on a floating index rate basis. The 10 Capes and Kamsarmaxes will all be equipped with scrubbers, eight of them with open loop scrubbers and two of them with hybrid scrubbers," said a release from the company.

"In the meantime, our business relationship with Chinese shipyards has also intensified: In the 35 years between 1986 and 2021, we will have taken delivery of 106 newbuildings from a total of 23 Chinese shipyards (contracted or bought as newbuilding resales)," it said.

"Our long and strong relationship with Chinese shipyards began in 1986, when we bought two 28,000 tdw lakes-fitted bulk carriers as newbuilding resales from Dalian Shipyard at US$ 4.5 million each," the release pointed out.

Oldendorff's  2019 – 2021 newbuilding program in China and Japan is comprised of 32 ships, of which 8 have been resold, while another 9 have employment attached.

The statement concluded saying: "We are very pleased with the Chinese built vessels that we are operating in our global network of trades. A lot of trust and friendship has been built with several yards and we will keep going back to China for more newbuilding’s and resales in the future."