Page 19: of Maritime Reporter Magazine (December 2016)

2015, shrinking the ? eet by 57,800 DWT Supramaxes with three vessels still to be year-on-year. Following a spend of $246 delivered. As it stands Celsius’ ? eet of

About the Author million (today’s equivalent price: $236 bulkers now has a market value of $196

William Bennett is a senior analyst for million), new additions to the ? eet have million which equals a rise in values of

VesselsValue.com.

a VV value of $235 million. 17 percent from the purchase price.

Winning Shipping

Spend: $197 million

Size change: 1,207,800 DWT

Winning begun the year scrapping some of their older tonnage as the rates Drydock your and asset prices slumped. Winning’s ? rst purchase was the acquisition of the ship here!

Golden Hope (176,900 DWT, 2009 Blt,

Namura) at $18.5 million. Winning fo- cused on buying throughout the rest of 2016, also purchasing two Capes with its management arm, Winning Alliance.

Winning has grown their ? eet by 49 per- cent with a spend of $197 million. The current value of acquisitions is $192 mil- lion.

Oldendorff Carriers

Customer before company, employee before owner,

Spend: $181 million

Size change: 1,095,500 DWT

Oldendorff has been more active in family before self, safety above all

S&P in weaker markets and the last 12 months have been very busy for the ship owner (see ? g. 5). Overall ? eet growth in the period was 23 percent adding 1.1 detyens.com million DWT to the ? eet. Oldendorff’s ? rst purchase was a bank sale of Para- gon Shipping’s distressed assets. The

Charleston, South Carolina ship owner’s purchases have predomi- nantly been distressed transactions and cheap Chinese ships adding good value to the acquisitions. In the early months of 2016, a spate of scrapping removed some of the ? eet’s older assets and a fur- ther sale of a 2005 laid up Supramax in

March saw the ? eet at its smallest in year.

From then on Henning Oldendorff has been active in bulker S&P. Oldendorff spent $181 million and the acquisitions now have a VV Value of $216 million, a 19 percent increase in asset prices.

Celsius Shipping

Spend: $167 million

Size change: 688,800 DWT

Prior to the dry bulk crash Celsius were exclusively in the small chemi- cal tanker sector. Backed by Breakwa- ter Capital (U.K.) and Bayside Capital (U.S.), Celsius purchased an Ultramax resale at Hantong SHI in May. Their appetite was for Chinese-built, modern ships, snapping up a number of resales, many direct from the yards including

Huangpu and Yangfan Zhoushan. Over the course of 2016 their ? eet grew by 688,000 DWT (newbuilds included) with a spend of $167 million. They now operate a ? eet of four Ultramaxes and www.marinelink.com 19

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