Oldendorff fixing spree sees up to 30 bulkers taken on period

Oldendorff fixing spree sees up to 30 bulkers taken on period

Germany’s Oldendorff Carriers is increasingly dictating the fortunes of the supramax and handymax bulker sectors. Having been one of the most aggressive buyers of bulk carriers last year, the Henning Oldendorff-led line is now making a noticeable spree in the period charter market. Broking sources tell Splash that within the last 10 days Oldendorff has taken close to 30 handymaxes and supramaxes on period charter.

Oldendorff’s movements in the smaller bulker segments have noticeably pushed up rates, even during the normal lull of the Chinese New Year.

Yesterday the Baltic’s supramax index leapt 25 points to 973, and, on its last ever day of being published, the Baltic’s handysize index closed up 12 points on 557. In a revamp of the Baltic Dry Index, the decision has been taken to drop the handysize index.

Brokers Fearnleys reported in its latest weekly report of an active period market with supras fixing in the high $12,000s.

“Oldendorff is looking to make some fast cash by flipping some of the cheap ships it bought last year. Its actions in the period market, soaking up capacity is designed to drive up prices,” one broking source explained, while another broking source said the market was aware of Oldendorff “hoovering up” tonnage in recent days.

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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