In August, Oldendorff revived two newbuilding contracts, which it had concluded originally in June 2012 with Weihai-based SAMJIN Shipbuilding Ind. Co. Ltd (SSI), at the time controlled by Korean shareholders. The initial order was for four 36 000 DWT handysize newbuildings of the Korean designed FESDEC-36k eco type.
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.