Dry CargoEurope

2020 Bulkers completes newbuilding investment program

Tor Olav Troim’s 2020 Bulkers has completed its newbuilding investment program after taking delivery of Bulk Santos, the last of the eight 208,000 dwt newcastlemax newbuildings, from China’s New Times Shipbuilding.

“As the company’s capex program is now concluded, the focus going forward will remain on creating an attractive return to shareholders through safe and reliable operations of our fleet,” the company said.

Bulk Santos will commence a 35-37 month index-linked time charter with ST Shipping, a wholly-owned subsidiary of Glencore.

According to 2020 Bulkers, for the remainder of 2020, six of the company’s vessels in operation are currently fixed at an average charter rate of approximately $19,100 per day, which is expected to cover budgeted general and  administrative expenses, operating costs and debt service for the full fleet of eight vessels. The other two vessels will earn an index-linked charter rate reflecting a significant premium to a standard capesize.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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