Reederei Nord is sharply reducing its presence in the LR1 tanker segment, according to European brokers.
Sources said the diversified shipowner, which is run by twin brothers Nikolaus and Christian Oldendorff, has sold four of its five ships in the segment at the upper end of price expectations.
The Hyundai-constructed, 74,000-dwt Nordvenus, Nordmars, Nordmerkur and Nordneptun (all built 2004) reportedly fetched $41m en bloc to an undisclosed buyer.
VesselsValue estimates the ships are worth $34.4m in total.
However, the price tag is on target with Maritime Strategies International's view that the tankers are worth $10.3m each, representing an en-bloc value of $41.2m.
Reederei Nord did not respond to requests for comment.
The company reportedly ordered the ships for about $33.3m each. They were employed in Hafnia’s LR1 product tanker pool.
The fifth ship in the Reederei Nord fleet emerged from a separate company that was set up by Christian Oldendorff in 2009.
In 2011, Oldendorff Overseas Operations bought its first vessel, the 73,000-dwt LR1 tanker Eagle Hope (built 2008), and renamed it Two Million Ways. It paid $38.6m for the ship.
This tanker is now a part of the Reederei Nord fleet, which is made up of 11 bulkers, 26 containerships and 17 tankers.
The shipowner was set up in 1964 by the late Klaus E Oldendorff, father of the twin brothers who now run the company. Klaus Oldendorff died aged 69 in March 2003.
