Oldendorff Centenary Book - Flipbook - Page 277
MORE SHIPS,
MORE GROWTH
The Oldendorff fleet continued to grow, and
the company set up its first overseas office.
Those were the last newbuildings for Oldendorff from British yards and
indeed the last deepsea freighters completed by state-owned British
Shipbuilders. Henning Oldendorff had vainly tried to acquire the Southwick
shipyard (formerly Austin & Pickersgill) and the modern Pallion shipyard but
under pressure from Brussels the UK Government, sole owners of British
Shipbuilders, was forced to shut down all shipbuilding activities. Having
sold some older units, Henning Oldendorff continued expanding his fleet.
Overall circumstances favoured this policy. Despite massive yard closures
shipyards still had substantial but under-utilised building capacities which
depressed newbuilding prices. Financially troubled shipowners were forced
to sell surplus tonnage at low prices. Now it paid for Oldendorff to have had a
long-term presence in many sectors of the market and to have acquired a
solid reputation of reliable execution of voyages and thoroughly professional
fulfilment of contracts.
Egon Oldendorff also made use of the opportunity of taking ships on
bareboat charter at attractive rates. This type of charter is based on trust and
reputation since as in the case of motor car leasing the bareboat charterer
assumes full responsibility for maintenance and repairs. Oldendorff, known to
treat bareboat tonnage as if it were owned also obtained purchase options
most of which were later exercised. (Under a bareboat charter the charterer
hires from the owner the ‘bare’ ship and is liable for crewing, insurance and
maintenance and repairs of ship and machinery.)
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