Norway-based shipowner 2020 Bulkers has extended time charters for two of its vessels with Koch Supply and Trading.
Under the new deal, the company’s Bulk Santiago and Bulk Seoul will continue working for Koch for another 11-13 months at an index linked rate reflecting a significant premium to the Baltic 5TC index.
The time charters also include a sharing of the economic benefit from the scrubbers from January 1, 2020, with the majority of the benefit accruing to 2020 Bulkers, the shipowner explained.
As part of the agreement, the index linked time charters will start on December 25, 2020, for Bulk Santiago and January 1, 2021, for Bulk Seoul, implying 130 days reduction in the maximum optional periods under the existing fixed rate time charters.