Oldendorff offloads post-panamax

Oldendorff Carriers is back in the market, selling ships. The latest sale is one of many bulker sales this week, bringing a bit more optimism to the secondhand market. 

This time, Oldendorff has sold a ship in its favourite segment, selling the 13-year-old, Taizhou Catic-built 93,000 dwt post-panamax Cora Oldendorff to Chinese interests for just under $14m. The price tag is considered firm for the bulker it bought eight years ago for $9.5m.

Last year, Oldendorff was ranked as the top bulker seller in Europe, selling 20 ships, both young and old bulker tonnage, earning a fortune.

While brokers are hesitant to declare a recovery, several report that the value decline is beginning to level off. 

On dry bulk, broker Hartland noted in its most recent weekly report: “The freight market is beginning to defrost, and this is encouraging a bit more positivity in the secondhand market. It is premature to talk of a recovery in values, but to some extent the dive is starting to flatten out.”