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Oldendorff expands babycapes fleet

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Dry Bulk,

Oldendorff Carriers has recently increased the number of owned bulk carriers in its babycape segment by acquiring four more eco 119 000 t vessels from compatriot shipowner Hartmann Reederei.

The four ships are:

  • MV “UBC Ottawa” (to be renamed: “Roland Oldendorff”).
  • MV “UBC Odessa” (to be renamed: “Rex Oldendorff”).
  • MV “UBC Olimbus” (to be renamed: “Redmer Oldendorff”).
  • MV “UBC Oristano” (to be renamed: “Rik Oldendorff”).

These ships were built for Hartmann at Sinopacific Shipbuilding in 2011.

The acquisitions will increase our total operated Babycape fleet to around 36 units, of which 10 will be fully owned.

Oldendorff Carriers has been able to build a network of trades, which can take advantage of the large capacity that these vessels offer on any draft. The Sinopacific 119k design, of which Oldendorff will control all 10 including eight owned and two chartered ships, has the optimum deadweight / draft ratio of nearly 119 000 DWT on only 14.5 m ssw draft. The company’s calculations show, that it should also be able to increase the intake of these vessels to more than 121 500 DWT on about 14.794 m draft.

Oldendorff’s babycape business is managed from the company’s London office, with additional babycape chartering and operations now located in Singapore.

The purchase of these vessels is in line with the positive outlook for dry bulk freight rates and values. This deal takes Oldendorff’s total net acquisitions to 97 vessels of around 10 million DWT over the last five years with vessel takeovers between 2013 and 2020. These acquisitions are made up of newbuildings, resales and modern secondhand ships. This net 97 vessel investment, is after the company sold 11 tankers (following the acquisition of E-ships, Abu Dhabi), and 28 bulk carriers during the same period.

Oldendorff has indicated it is very pleased that it can now provide employment for many more qualified masters, officers, engineers and other seagoing personnel, as well as more shore-side staff.

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