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Oldendorff reflects on Chinese transactions over last year

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Dry Bulk,


During the last 12 months, Oldendorff has been able to complete a total of 23 deals with three Chinese leasing companies as follows:

  • 2 x 209 000 DWT built 2020 – 2021 – resold with 5 + 5 + 2 years floating BB charter back.
  • 2 x 209 000 DWT built 2020 – taken on 7 + 1 + 1 years fixed TC.
  • 2 x 180 000 DWT built 2020 – taken on for 7 + 1 + 1 years partly floating T.
  • 4 x 81 000 DWT built 2020 – resold with 5 + 2 + 1 years floating BB charter back.
  • 8 x 63 500 DWT built 2015-2018 – sold with 3 years floating TC back.
  • 5 x 61 000 DWT built 2014 – sold with 3 years floating TC back.

None of these deals involve lease finance. 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.

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

Oldendorff’s long and strong relationship with Chinese shipyards began in 1986, when the company bought two 28 000 DWT lakes-fitted bulk carriers as newbuilding resales from Dalian Shipyard at US$ 4.5 million each.

The company’s 2019 - 2021 newbuilding programme in China and Japan is comprised of 32 ships, of which 8 have been resold, while another 9 have employment attached.

  • 4 x 209 000 DWT – 2020 – 2021 ex-Hantong (2 resold).
  • 2 x 100 000 DWT – 2020 ex-Oshima.
  • 12 x 81 250 DWT – 2019 – 2020 ex-Hantong (6 resold, 3 chartered out).
  • 3 x 62 500 DWT – 2020 ex-Oshima.
  • 3 x 61 600 DWT – 2019 ex-NACKS (2 chartered out).
  • 3 x 61 600 DWT – 2019 ex-DACKS.
  • 1 x 38 000 DWT – 2019 ex-Beihai.
  • 2 x 36 000 DWT– 2019 ex-Samjin (chartered out).
  • 2 x 27 000 DWT – 2022 ex-Chengxi (transloaders for Vietnam).

The company 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.

To read the full report: https://www.oldendorff.com/news/chinese-yards-and-leasing

Read the article online at: https://www.drybulkmagazine.com/shipping/05062019/oldendorff-reflects-on-chinese-transactions-over-last-year/

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