Stefanou brothers acquire modern Oldendorff capesize for $50m

The Stefanou brothers have secured their youngest capesize to date, acquiring the 2017-built William Oldendorff for just under $50 million. The 179,120-dwt, Jinhai-built vessel represents a significant departure from the aging profile of the brothers’ existing heavy tonnage.

Operating through Bright Navigation and Sea Gate Navigation, the Greek owners control a combined fleet of more than 30 bulkers with an average age approaching 20 years. Their three existing capesizes are among the oldest vessels in the fleet, making this acquisition a clear move toward fleet renewal rather than simple expansion.

Strategic Fleet Renewal

The deal is notable for its timing and the scarcity of the asset. Modern capesizes have rarely reached the second-hand market this year, and the Stefanou brothers have moved aggressively to secure modern tonnage across multiple segments. So far in 2024, the group has added a 2009-built panamax and two kamsarmaxes built in 2011 and 2017.

By targeting a 2017-built ship, the owners are positioning themselves to capitalize on a firm capesize market. Current earnings suggest the vessel could be fixed on a one-year time charter for approximately $35,000 per day. This revenue potential allows the owners to begin amortizing the nearly $50 million investment immediately while the vessel maintains a long competitive lifespan compared to their legacy fleet.

The sale by Oldendorff Carriers further cements the Stefanou brothers’ commitment to the second-hand market as their primary growth engine this year, transitioning the firm away from the high-maintenance requirements of its older bulkers.

Source: Splash247