We are pleased to confirm, that we agreed a deal to sell 6 of our Ultramaxes to China Development Bank Leasing (CDBL) with floating bareboat charter back:

• MV “Jan Oldendorff” abt 61,000 dwt Blt 2019 NACKS
• MV “Jens Oldendorff” abt 61,000 dwt Blt 2019 DACKS
• MV “Jonas Oldendorff” abt 61,000 dwt Blt 2019 DACKS
• MV “Jacob Oldendorff” abt 61,000 dwt Blt 2019 DACKS
• MV “August Oldendorff” abt 60,000 dwt Blt 2015 JMU
• MV “Alwine Oldendorff” abt 60,000 dwt Blt 2014 JMU

We are taking all ships back on a floating rate, index-based bareboat charter for 5 + 2 + 1 years. The deal is not a sale and leaseback transaction and there are also no re-purchase obligations involved. The ships will be delivered to CDBL between 8^th December 2020 and 6^thFebruary 2021.

Our previous deals with CDBL have involved the sale of 13 second hand Ultramaxes with floating T/C back and 4 Kamsarmax newbuildings with floating B/B back. Furthermore, we have chartered two CDBL owned Newcastlemax newbuildings, which were delivered from Cosco Yangzhou Shipyard in April and May 2020.

The above sale of 6 Ultras means, that we now have done 25 transactions with CDBL, with whom we enjoy an excellent cooperation.