Oldendorff Carriers of Germany has firmed up orders for five more newcastlemax newbuildings, lifting its tally on order in South Korea and China to 19 vessels.

It means the Lubeck-based company’s total spending on newcastlemaxes is estimated to now top $1.bn, making it the largest investor in this type of vessel.

Well-placed sources say the Henning Oldendorff-led outfit has gone to Jiangsu Hantong Ship Heavy Industry for two firm 208,000-dwt units plus two options.

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