Oldendorff Carriers purchases three Capesize vessels from Tata Power

German dry bulk operator Oldendorff has agreed a comprehensive package deal with Singapore-based Trust Energy Resources, a subsidiary of Tata Power Company, to purchase three Capesize bulk carriers at an en bloc price of over $212 million.

The vessels MV Trust Amity (209,300 tdw), MV Trust Agility and MV Trust Integrity (both 180,600 tdw) will be renamed Hark Oldendorff, Tete Oldendorff and Tilda Oldendorff respectively.

The transaction is a package deal that includes long term contracts of affreightment for the transportation of coal to India. MV Trust Amity was already on time charter to us since it was delivered from Yangzijiang Shipyard four years ago.

“The sale of our shipping assets is in line with our long term plans to reduce debt and raise funds to invest in our future growth plans, including expanding our presence in the renewable energy business," said Praveer Sinha, CEO & MD, Tata Power.

Peter Twiss, President and CEO of Oldendorff Carriers stated: “The deal is a testament to our customer commitment. We appreciate very much our relationship with Tata Power, and we are pleased to extend it further. The Tata group is one of the most respected companies in the world and it is great to be part of reaching their strategic objectives. At the same time, we are strengthening even further our trades in/out of India. We see India as one of the drivers for the years to come for the dry bulk market, and we want to be part of that growth.”