Oldendorff makes sale-and-lease-back deal
The German dry bulk shipping company Oldendorff have now become part of the group of shipping companies that strengthen their liquidity by selling their ships in order to lease them back. According to Fairplay, the company has entered a sale-and-lease-back deal with China Development Bank Financial Leasing for 13 ships.
The ships in question are all Ultramax built between 2014 and 2018.
On contract the ships will be given to the new owner next month, but in fact, they will continue to operate as if nothing had happened.
Oldendorff operates an average of 700 dry cargo ships, some of them being their own and while others are chartered. The shipping companies makes 14,000 ports stops a year and transports 320 million tonnes of bulk. Oldendorff employs around 4.000 people.