2020 Bulkers Takes Delivery of Third Newcastlemax Newbuild

Norwegian shipowner and operator 2020 Bulkers has received the third of overall eight newbuild newcastlemax dry bulk vessels from China’s New Times Shipyard.

Bulk Seoul was delivered to shipowner Ocean Yield, who signed a 13-year sale and leaseback deal with 2020 Bulkers earlier this month for Bulk Seoul and Bulk Shanghai.

The 208,000 dwt ship is scheduled to start a 12-16 month time charter with Koch Supply & Trading at a fixed rate of USD 22,250 per day on November 1.

2020 Bulkers said the time charter for the ship was entered into in late April 2019 when one-year time charter rates for a standard capesize were approximately USD 15,000 per day and reflects a solid premium for the company’s newcastlemax, as a function of higher cargo intake and lower consumption.

The company said it expects an average cash breakeven of USD 14,100 per ship per day for 2020.

Bulk Seoul and its sister ships are fitted with scrubbers with deliveries of all eight units to be completed by May 2020.

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