Dry CargoEurope

Oldendorff makes $3m profit in four months from ship sale

Oldendorff has made a tidy $3m profit over some swift dry bulk asset play providing yet another example of the turning fortunes in the sector seen since its depths a year ago.

The German company bought the 93,246 dwt bulker Cathrin Oldendorff in September for $9.5m back when the ship was called Tonda Sea. Broking reports now show the 2011-built ship has been sold on to Argentina’s Ultraocean for $12.5m.

“Sellers made a quick profit of $2m in just four months, not bad,” commented Lion Shipbrokers in a weekly report.

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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