2020 Bulkers Raises USD 70.2 Mn to Finance New Ships

Norwegian shipowner 2020 Bulkers has collected USD 70.2 million of gross proceeds from its contemplated equity offering.

The company received binding orders for subscription of 7,800,000 shares at the price of USD 9.00 per share, with the support from new and existing investors.

2020 Bulkers said that the net proceeds from the offering would be used to fully finance its vessels and working capital purposes.

The company has 8 Newcastlemax drybulk vessels under construction at New Times Shipyard in China.

The new ships, which will be fitted with exhaust scrubber systems, are expected to be delivered from the yard between September 2019 and May 2020.