2016 has most certainly been a year to forget thus far for the shipping industry, with the Hanjin Shipping filing for bankruptcy, a number of companies have record breaking losses and a general black cloud hanging over the industry, there really haven’t been too many positives to mention.
However, Oldendorff seem to be unfazed by the turbulence of the sector and are purchasing ships like they are going out of fashion (granted, the overcapacity of the market is making ships historically cheap to purchase). Since August 2016, they have purchased a staggering 8 vessels, the company said that it bought 3 Babycapes and 5 Post Panamax bulk carriers to supplement its owned fleet. The company’s latest purchase includes the 2011-built Post Panamax bulk carriers UBC Onsan and UBC Ohio. Bought from Oldendorff’s compatriot shipping firm Hartmann Reederei, the vessels, which were built by China’s Dayang Shipbuilding Co., feature 119,000 dwt.