Resale of 2 x 208,000 tdw Hyundai Newbuildings

23rd January 2014

OLDENDORFF CARRIERS and LASKARIDIS SHIPPING are pleased to announced that they have entered into a sale and charter back transaction.

In March, HYUNDAI Heavy Industries Co. Ltd. and nominees of OLDENDORFF CARRIERS GmbH & Co. KG signed newbuilding contracts for four (4) super-eco Newcastlemax bulkcarriers of abt 208,000 tdw and two (2) options, which will be constructed at HHI's state-of-the-art Gunsan shipyard. The option for a 5th ship has now been declared and the 6th ship is likely to be confirmed by the end of September.
Clients of LASKARIDIS SHIPPING, an affiliate of LAVINIA CORPORATION, will acquire the 2nd and the 5th vessel of the series, to be delivered in September 2014 and March 2015, and bareboat charter them back to OLDENDORFF CARRIERS for a period of 5 to 10 years. The index charters will be based on the Baltic Capesize Index (BCI) plus an adjustment factor and less operating costs. The charter also features a floor and profit sharing.
For some years, both companies have enjoyed a close cooperation on period charter contracts, which is now being extended to fuel efficient Newcastlemax class newbuildings. OLDENDORFF CARRIERS will employ the vessels primarily in exsisting long term Contracts of Affreightment (CoAs).