Fifth Newbuild Joins 2020 Bulkers

Norwegian shipowner and operator 2020 Bulkers has taken delivery of Bulk Shenzhen, the fifth of eight 208,000 dwt Newcastlemax newbuilds.

The 223,000 cbm ship was delivered to its owner by China’s New Times Shipbuilding.

Under an agreement signed in October 2019, the bulker will commence an 11-13 month index-linked time charter with ST Shipping, a subsidiary of Glencore, on January 9, 2020.

As explained, the index-linked rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption. The vessel will also earn an additional premium related to the fuel cost saving from the scrubber.

2020 Bulkers has five vessels in operation and three Newcastlemax drybulk vessels under construction in China. One bulker is planned for delivery in January 2020, and the remaining two vessels are expected to be delivered by May 2020.