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Oldendorff resurrects Samjin handysize contracts

Oldendorff resurrects Samjin handysize contracts

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Busy Oldendorff Carriers has revealed it has resurrected two handysize bulker newbuild contracts in China, which originally date back to 2012.

Oldendorff, which has been very active bolstering its fleet this year, originally ordered a quartet of 36,000 dwt ships at Samjin Shipbuilding back in June 2012. At the time the yard was controlled by Koreans. The yard subsequently went through a restructuring as its parent in South Korea ran into difficulty. Oldendorff then cancelled the orders in 2014 and 2015, winning back its down payments in the process.

Roughly 50% of the building blocks were completed at that time and were well-protected.

Samjin was acquired last year by Shanghai’s Zhouji Group and has since kickstarted marketing activities in a big way.

Oldendorff has now revealed that last month it signed new contracts for two of the original hull numbers. The ships will deliver in the autumn of 2018 and January 2019. The German line has also concluded time charter contracts with an unspecified major trading house for four to five years on both vessels.

Last year Oldendorff took a Samjin handymax resale.

The dry bulk giant also stated in a release that it has now invested $2.25bn on 89 vessels in the past five years.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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