HMM swoops on another Oldendorff newcastlemax

South Korean flagship line HMM has been linked to a new secondhand purchase in the larger bulk carrier segment.

Brokers report the Seoul-based company has snapped up the 2015-built newcastlemax Luise Oldendorff from German owner Oldendorff Carriers in a deal valued at about $51m.

Oldendorff ordered the Hyundai Heavy-built scrubber-fitted 207,600 dwt unit in November 2013 for a reported $52m and is the third newcastlemax sold to HMM since July 2023, following the transactions involving the 2016-built Henriette Oldendorff, now known as Global Pioneer and Global Adventure, the ex-Hermann Oldendorff.

Last September, HMM unveiled expansion plans through to the end of the decade, setting aside a massive KRW23.5trn ($17.48bn) that will see its container fleet nearly double while its tanker and dry bulk fleets will triple in size come 2030. A KRW5.6trn has been earmarked to expand the company’s dry bulk and tanker business from 36 ships to 110.

In January, HMM acquired the 2010 Namura-built capsize Global Enterprise for a reported $29m. The company had also been tied to a purchase of the 2014-built newcastlemax Oriental Dragon from bulker owner Hebei Ocean Shipping Co (Hosco) for about $49.2m in March.

In related sales of larger bulkers, another German owner, Valhal Shipping, is said to be letting go of the 2011-built capesize Thalassini Agatha for close to $29m, while Union Maritime’s 2006-built cape Tradership, which has been under Chinese sale and leaseback, reportedly changed hands for around $19m.