Oldendorff revives contracts for newbuild vessels

The yard was known for its good workmanship, but had to go through a financial restructuring due to the problems of its Korean parent. Oldendorff cancelled all four ships in 2014 and 2015 after excessive delays and received its downpayments back. Roughly 50% of the building blocks were completed at that time and well-protected. Samjin was acquired last year by the diversified Shanghai ZHOUJI Group (42 000 employees), who brought in an experienced Chinese workforce and also 40 management staff from Korea.

On 2 August 2017, Oldendorff signed new contracts for two of our original hull numbers (#1058 and #1059) for delivery in the autumn 2018 and January 2019. At the same time, the company concluded time charter contracts with a major trading house for 4 – 5 years time charter on both vessels.

The new vessels feature 4 x 35 t Mitsubishi cranes, a Wärtsilä / WinGD main engine, MAN-B&W auxiliary engines and ‘Mewis’ fuel saving ducts. The cargo holds have a generous cubic capacity of 47 500 m³, a tanktop strength of 25 t/m² and a high flexibility for heavy bulk parcels and steel cargoes.

In the last four years since 2012, Oldendorff has now invested more than US$2.25 billion in 89 vessels. Its buying programme was divided equally among all four segments: 22 capesize (including newcastlemaxes and baby capes), 22 panamaxes (including post-panamaxes and kamsarmaxes), 22 ultramaxes and supramaxes and 22 handysized, plus one transhipment platform.

Read the article online at: https://www.drybulkmagazine.com/shipping/05092017/oldendorff-revives-contracts-for-newbuild-vessels/