The failed sale of two Oldendorff Carriers ultramaxes to Chinese interests in June has allowed Greek buyers to move in and snap them up at much lower prices four months later.
Brokers and market players in London and Athens say the German bulker giant is divesting the Japan Marine United-built 61,100-dwt August Oldendorff (built 2015) and 60,900-dwt sister ship Alwine Oldendorff (built 2014) for about $50m in total.
That is far less than the $61m that the scrubber-fitted vessels reportedly would have fetched in an earlier failed en-bloc sale to Chinese interests.
Oldendorff did not respond to requests for comment.
A new deal at the current, lower levels would be characteristic of the price decline over the past few months across a wide range of bulker assets.
Even though still far above five-year averages, secondhand prices have come off for every type bulker type except capesizes.
One additional reason for the price decline, which particularly applies to the two Oldendorff ships, is that the deadline for their special survey has moved closer since their last sale talk.
According to data platforms, the Alwine Oldendorff is due for special survey in December and the August Oldendorff in January.
The identity of the two vessels’ purported Greek buyer remains unknown. Some sources believe it is Costamare, but the US-listed company does not comment on its commercial transactions outside public statements.
Oldendorff Carriers has been a prolific bulker seller of late, although maybe not quite to the extent that broker reports initially suggested.
Market sources have linked the company to 15 different sales of its owned bulkers so far this year.
However, only eight of these transactions have been confirmed so far, with the vessels actually changing names and passing under different management.
The remaining seven ships are still listed in the Oldendorff fleet, which suggests that their deals have not materialised at all or have yet to go through.
That includes a newcastlemax and a resale kamsarmax that it reportedly sold over the summer to expanding South Korean player HMM.
