Oldendorff Centenary Book - Flipbook - Page 326
Since 1990, Egon Oldendorff and
its subsidiaries, Oldendorff Asia
and Concept Carriers have taken
an increasing number of ships on
timecharter for varying periods.
The intention is to supplement the
owned fleet with additional tonnage
chartered in, thereby broadening
the exposure and gaining more
experience in certain sectors, but
also to cater for contract cargoes or
parcels, and to reach critical mass for
better market support and enhanced
earnings. The table on page 323
lists 30 ships, half of which have
been fixed for periods of two years
or more, some for up to eight years.
The following ships deserve special
mention: Panamax newbuilding
LUISE OLDENDORFF owned by Teh Hu,
Panamax IRENE OLDENDORFF owned
by Sinochem, the two semi-open
box-shaped Taiheiyo newbuildings,
the box-shaped Wismar OBC type
SOLIN, and the conveyor-belt selfunloader newbuilding HAI WANG XING.
The owned fleet which remains
the very core of Egon Oldendorff
activities, has been constantly
renewed during the last decades. On
average, three to four newbuildings
per annum are required just to
maintain the average age of a fleet
of 50 to 60 vessels. Fleet renewal
can also be achieved through
second-hand acquisitions and Egon
Oldendorff will continue to purchase
attractively priced used vessels.
At the time of going to press, 11
newbuildings have been firmly
ordered by Egon Oldendorff, for
delivery in 1996, 1997 and 1998. All
newbuildings will be built primarily
from thick mild steel for better vessel
durability and also to avoid costly
major steel renewals in later years.
The lightweight is typically some
40% higher than, for example, for
Korean-built standard designs.
This affords the option of trading
the ships over a life cycle of 25 to
30 years and is an important part
of the Egon Oldendorff corporate
policy, as opposed to the philosophy
of asset traders. For precisely the
same reasons Egon Oldendorff is
not interested in undertaking
third-party ship management
against a service fee. By managing
only its own assets the company
does not have to justify increasing
operating expenses in any one year
which may be inevitably necessary
to keep costs down in subsequent
years or may extend a ship’s
useful life. Barring few notable
exceptions, it is felt in Egon
Oldendorff that shipmanagers
depending on fees do not as a rule
apply the same dedication and
commitment to maintaining an
asset in excellent shape that they
would if they were to own the
asset themselves.
HULL No.
SHIPYARD
TDW
TEU
TYPE
DELIVERY
683/3
Gdansk/Poland
49,000
2,100
OHBS
8/1996
683/4
Gdansk/Poland
49,000
2,100
OHBS
10/1996
280/3
Dalian/China
29,000
1,200
OHBS
11/1996
280/4
Dalian/Chia
29,000
1,200
OHBS
3/1997
9515
Wuhu/China
20,000
900
OHBS
5/1997
9516
Wuhu/China
20,000
900
OHBS
10/1997
9517
Wuhu/China
20,000
900
OHBS
4/1998
9518
Wuhu/China
20,000
900
OHBS
8/1998
2228
Jiangnan/China
71,000
6,000 tph
Self-unloader
7/1998
513/3
Guanghzou/China
44,000
Craned bulker
11/1997
513/4
Guanghzou/China
44,000
Craned bulker
3/1998
322
