Oldendorff flips another post-panamax for quick profit

Oldendorff flips another post-panamax for quick profit

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.

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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