Oldendorff comes clean

Oldendorff has revealed comprehensive details of its huge newbuild programme which spans yards in China, Japan and South Korea.
Henning Oldendorff at the launching of the owner’s first NACKS ultramax newbuilding

Henning Oldendorff at the launching of the owner’s first NACKS ultramax newbuilding

The Lubeck-based shipowner says it has 68 vessels on order including six outstanding options all for delivery by 2017.

No financial details were disclosed, but Arctic Securities analyst Erik Stavseth puts the total cost at around $2.4bn.

At the end of this period it says it will operate thirty modern Newcastlemaxes technically and commercially including several taken on long term time charters.

It has firm orders for nineteen 208,000-dwt bulkers plus options for a further five.

Four of those firm orders have already been sold and taken back on long term charters, while a further six 208,000-dwt bulkers have been brought in on bareboat charters.

All thirty Newcastlemaxes have or are being built at either Shanghai Waigaoqiao Shipbuilding, Hyundai Heavy Industries, Yangzijiang Shipbuilding, Jiangsu Hantong or Taizhou Catic.

Tradewinds reported last month that Oldendorff’s total spending on Newcastlemaxes is estimated to now top $1.bn, making it the largest investor in this type of vessel.

Oldendorff also said it has ten firm post-panamax bulkers on order all at Chinese shipbuilders, with an option for an eleventh.

In the ultramax sector the German shipowner has eighteen firm newbuildings on order all at Chinese yards except for two on order at JMU in Japan.

It also has fifteen firm handysize bulkers on order split between China’s Jinling Shipyard and Samjin Shipbuilding in South Korea.