Oldendorff expands Babycape fleet

Oldendorff has recently increased the number of owned bulk carriers in the Babycape segment by acquiring four more eco 119,000 tonners from shipowner Hartmann Reederei.

The ships were built for Hartmann at Sinopacific Shipbuilding in 2011. The acquisitions will increase the company's total operated Babycape fleet to around 36 units, of which 10 will be fully owned.

Oldendorff has been able to build a network of trades, which can take advantage of the large capacity that these vessels offer on any draft. The Sinopacific 119k design, of which the company will control all 10 including 8 owned and 2 chartered ships, has the optimum deadweight / draft ratio of nearly 119,000 tdw on only 14.5 m ssw draft. Oldendorff's calculations show that the company should also be able to increase the intake of these vessels to more than 121,500 tdw on about 14.794 m draft.

The company's offices in both London and Singapore are engaged in supporting the Babycape business.

The purchase of these vessels is in line with the positive outlook for drybulk freight rates and values. This deal takes our total net acquisitions to 97 vessels of around 10 million tdw over the last 5 years with vessel takeovers between 2013 and 2020.

These acquisitions are made up of newbuildings, resales and modern second hand ships. This net 97 vessel investment comes after the company sold 11 tankers (following the acquisition of E-ships, Abu Dhabi), and 28 bulk carriers during the same period.

Fleet of Babycapes is growing, www.oldendorff.com/news/fleet-of-babycapes-is-growing, (last visited Dec 14, 2017)

All images courtesy of Oldendorff