According to the latest news from Xinde Maritime Network, Oldendorff Carrier, a well-known German shipping company known as the "king of shipping cycles", has recently sold multiple ships under its umbrella.

Recently, multiple ships have been sold consecutively
Recently, there have been multiple reports that the German shipping company Oldendorff has sold multiple dry bulk carriers under its umbrella.
The most notable transaction was when South Korean HMM reportedly purchased a 209200 dwt Newcastle type dry bulk carrier named Hermann Oldendorff from Oldendorff, which was built in 2016. As the vessel only completed its latest special inspection in April of this year, the selling price of the vessel reached approximately $55 million. (BTW, in addition, it is reported that HMM recently purchased another 63600dwt Western Oslo ship built in 2019 from Japanese shipowner Nisshin Shipping for approximately $32 million.)


Another transaction involved another buyer from the Far East reportedly purchasing two of the oldest ultramax vessels from this German shipping company, the Alwine Oldendorff built in 2014 and the August Oldendorff built in 2015, with a total weight of 61000 dwt and a packaged price of 71 million US dollars.

Not only that, there are also reports that Odendorff recently sold one of its youngest ultramax vessels. Specifically, it is said that a 62600 dwt vessel named Beate Oldendorff, built in 2020, was also sold recently, but the buyer was not from Asia but from Europe, reportedly for $38.3 million.

Quickly resell two ships

In addition to the above information, there is also the latest news that Oldendorff has recently resold two newly purchased ships.

Specifically, according to brokers, this German giant dry bulk shipping company has sold two Kamsarmax dry bulk vessels, named Kamilla Oldendorff and Klarissa Oldendorff, built by its New Hantong shipyard and delivered at the end of last year.
It is said that the total selling price of the two ships is 80 million US dollars.
According to statistics, if all six ships mentioned above are included, Oldendorff sold a total of 12 ships this year, and the company sold 8 ships for the whole of last year.
According to its official website, Oldendorff owns 110 bulk carriers and 20 transfer ships.
Go with the flow

Some analysts believe that Oldendorff's recent sale plan does not mean that the company is withdrawing from some of its shipping businesses.
Doric Shipbrokers, headquartered in Athens, wrote in its latest weekly report that at current price levels, selling ships is always profitable regardless of their age. The buyers also have good expectations because they believe that the ship price will not fall soon.
Another Athens based market observation firm, Weber Sea, also predicts that bulk prices will not fall soon. Given the strong returns achieved by market participants in the past few years, as brokers, we believe that there is not much room for price correction. New shipbuilding prices are currently at a 15 year high, which sets a higher bottom line for second-hand values, and geopolitical tensions provide support for the freight market

In July 2022, Xinde Maritime Network announced the release of an article titled "What does it mean for the 'countercyclical king' to start selling a large number of ships for cash?" which introduced that at that time, Oldendorff was selling a large number of ships for cash.
The following is the second-hand ship price trend chart provided by Clarkson for Sindh Maritime Network in recent years. The red line (for dry bulk ships) shows that after mid-2022, dry bulk ships began to decline (purple line), indicating that Odendorf had already completed a wave of cashing out before the significant drop in ship prices that year.

In addition to Oldendorff, some other German and European shipping companies seem to be profiting from the continuously rising bulk cargo prices recently.

For example, a German KG company, Ownership Asset Management Services, recently reportedly sold a 206300 dwt Classic Aro built in 2008 to a Chinese buyer for approximately $27 million.

According to another agent, US listed company Genco Shipping&Trading recently sold a 2005 built 55400 dwt Genco Warrior vessel to a Chinese buyer for approximately $12 million.

In addition, Compagnie Maritime Belge (CMB), a subsidiary of Belgian Saverys, which is preparing to accept a large number of new ships, has recently begun to "process" its older vessels.

According to reports from brokers, the company recently sold its two 2012 built 205000 dwt Newcastle Max dry bulk carriers, Mineral Charlie and Mineral Maureen, to a Greek shipowner for a total of approximately $81.6 million.

In the past two years, the company has received 5 Newcastlemax new ships from Chinese shipyards, and another 23 will be delivered by Qingdao Beihai Shipbuilding Heavy Industry Co., Ltd. from this year to 2027.

At present, CMB has two other old Newcastle MAX ships built in 2012, and another ship of the same type built in 2019.

China also has a countercyclical king

Previously, Xinde Maritime Network introduced in articles such as "By buying and selling VLCC, a shipowner in Beijing made a big profit in just 6 months" and "Freight and ship prices soar! Supramax market trading is hot" that EGPN, headquartered in Donghai, Beijing, is also a company that is very good at utilizing the shipping market cycle and earning decent net profits in asset play.

In fact, according to the information from the ship broker, EGPN quickly resold one of its newly purchased ships not long ago and made a net profit of about 8 million US dollars.

As previously reported by Xinde Maritime Network, "Buying Three Large Ships! Donghai Anhe Expands Dry Bulk Fleet Again", at the end of last year, the company acquired three Cape of Good Hope ships built between 2010 and 2011 from Bocimar in one go. The three ships were Mineral Destelbergen, Mineral Temse, and Mineral Brugge ships, and it was reported that the total cost of the three ships was about 60 million US dollars, which means the price of each ship was about 20 million US dollars.
According to the broker, EGPN has recently sold its Mineral Destelbergen (later renamed Eastern Windflower) for $28 million. This means that the company earned approximately $8 million in this transaction.