Germany’s Reederei H Vogemann has added a sextet of new ships to its orderbook in China.
The deals bring its tally of 40,000-dwt open-hatch bulkers to eight newbuildings after starting the year with just two on order. And they give it options to add another pair, built to the Green Dolphin 40 design.
Shipbuilding sources said four of the six will be built by Zhejiang-based Yangfan Group for delivery in the second half of 2022 delivery, while the other two will be constructed by Singapore-listed Yangzijiang for delivery in January and March of next year.
Officials at the Chinese yard groups declined to comment for this story, citing contract confidentiality. Vogemann did not reply to emails seeking comment.
Shipbuilding sources said Vogemann's two newbuildings at Yangzijiang are options from an earlier order in late 2019.
At that time, the company commissioned Yangzijiang to construct two 40,000-dwt bulkers at a reported price of $23.5m each with options for six more ships. The pair are scheduled for delivery in the last quarter of this year.
2019 options
A shipbuilding source said Vogemann exercised two of the Yangzijiang options earlier this year, but the deal went unreported.
“It missed the chance to exercise the remaining two pairs of options at Yangzijiang three months ago and as a result, it turned to Yangfan Group for the bulkers,” he said.
Vogemann's deal for the quartet at Yangfan also includes an option for two more ships, and if exercised the contract could be worth $156m.
The company is said to be paying Yangfan around $26m per newbuilding, which is $2.5m per ship more than the Yangzijiang order.
The higher price reflects the rise in shipbuilding costs and a stronger shipbuilding market since the original 2019 order.
Vogemann is one of Germany’s oldest shipping companies, having been established in 1886. It is led by managing directors Jens-Michael Arndt and Markus Lange.
The company is part of Ahrenkiel Vogemann Bolten, a technical management joint venture with German asset manager MPC Capital.
Clarksons' Shipping Intelligence Network suggests Vogemann owns a fleet of eight handysizes comprising two chemical tankers and six bulkers, three of which are open-hatch.
