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Oldendorff buys and sells

Brokers report the German powerhouse Oldendorff has just offloaded the 53,700 dwt Sapphire Seas, built 2005. The ship comes from this Christmas’s bank sale from troubled Paragon Shipping’s fleet, and has only been with Oldendorf long enough to change its name to Julius Oldendorff.

Paragon sold two panamax bulk carriers and one supramax in December to Oldendorff in order to pay off the outstanding debt from a loan to Commerzbank. The Greek shipowner sold the Diamond Seas, Pearl Seas and the Sapphire Seas to the German outfit.

Oldendorff, which operates hundreds of ships, has been busy lately diving in and out in the secondhand market. The sale comes weeks after Oldendorff snapped up at auction an abandoned handy being built at bankrupt Shandong Huahai Shipbuilding, the 36,000 dwt Long Fortune.

(Source: Splash24/7, 23 Mar 2016)