2020 Bulkers Welcomes Second Newbuild

Norway-based shipowner 2020 Bulkers has accepted delivery of the second of the eight 208,000 dwt Newcastlemax newbuilds from New Times Shipbuilding in China.

The bulker in question is Bulk Santiago and has a capacity of 224,100 cubic meters. Flying the flag of Liberia, the ship was handed over to 2020 Bulkers on September 19, 2019.

On September 21, the 300-meter-long bulk carrier will commence a 12-15-month time charter with Koch Supply & Trading at a fixed rate of USD 19,525 per day.

The time charter was agreed earlier this year when one-year when rates for a standard Capesize were approximately USD 13,000 per day. According to 2020 Bulkers, it reflects “a solid premium for the company’s Newcastlemax, as a function of higher cargo intake and lower consumption.”

Cash break-even for the vessel is estimated at approximately USD 14,000 per day.

In August this year, New Times delivered Bulk Sandefjord, the first ship from the batch, to 2020 Bulkers.

Four vessels are expected to be delivered within the next four months, and all eight vessels are expected to be delivered by May 2020. All of them will feature scrubbers.