German bulker giant Oldendorff is proving very adept at flipping vessels for a fast buck as dry bulk assets climb in price.
Splash reported last week how the company had made a tidy $3m in three months from the sale of Cathrin Oldendorff post-panamax.
Splash can now reveal it has made a quick $2.5m profit in just two and a half months from another post-panamax. At the end of last October Oldendorff bought the 2013-built Oriental Angel from Japan’s Toyo Sangyo for $16.5m.
Splash understands it has now sold the 95,711 dwt ship to Belgium’s Cobelfret for $19m. Shipping database Equasis shows the ship has now been renamed Lowlands Rise.
Oldendorff was one of the most active players in the S&P dry bulk markets last year and is now reaping the benefits of its quick actions.