Bernhard Schulte bolsters fleet with modern Ultramax bulk carrier

According to Equasis, the shipping company now owns 61,579-dwt, 2019-built Alexander Schulte, formerly known as John Oldendorff. Bernhard Schulte recently listed the vessel as part of its bulk carrier fleet on its website. The vessel was constructed by Nantong COSCO KHI Ship Engineering Co Ltd, based in China.

Bernhard Schulte controls a modern, diversified fleet of over 75 fully or partially owned ships, including container vessels, bulk carriers, tankers, gas carriers and offshore vessels. The company ventured into dry bulk ownership in 2017, according to information on its website, initially by ordering Handysize ships. It currently operates a fleet of 17 bulk carriers.

Rare modern Ultramax for sale

According to shipbroking sources, John Oldendorff changed hands in late 2024 for approximately US$29.5M. Xclusiv Shipbrokers, based in Greece, estimates the current value of a five-year-old Ultramax vessel at US$30.6M, marking a 4% decrease compared with the previous year. Another Greek shipbroker, Allied Shipbroking, reports a correction in the value of such vessels by 12% over the past three months and 16% over the last six months.

Modern tonnage has been scarce in the secondhand bulk carrier market, particularly in the Ultramax segment. Most younger ships recently sold have been of the Kamsarmax size. According to Allied, 278 Supramax/Ultramax vessels changed ownership in 2024, with an average age of 12 years. By the second week of February 2025, around 16 vessels, with an average age of 16 years, had been divested.

Increase in newbuilding deliveries

The Ultramax sector is expected to continue its growth in newbuilding deliveries this year. According to Howe Robinson Partners, 28 ships entered service in January alone.

This follows a strong year for Ultramax deliveries, with 192 ships delivered in 2024, well ahead of the 132 delivered in 2023. The 28 deliveries in January 2025 represent the largest monthly total since January 2017, when 42 vessels were delivered. 

Shipbroker Intermodal has reported that 541 bulk carriers, with a combined capacity of around 38M dwt, are expected to join the global fleet in 2025. Among the different vessel classes, the Ultramax and Handysize segments will see the highest activity, with 196 and 146 deliveries, respectively.