2020 Bulkers finances newcastlemax pair via Ocean Yield sale and leaseback

Norway’s 2020 Bulkers and Ocean Yield have entered into a sale and leaseback deal for newbuild newcastlemax bulkers Bulk Seoul and Bulk Shanghai.

Ocean Yield is buying the vessels for $42m each, net of a $5m sellers’ credit, and chartering them back to 2020 Bulkers on a 13-year bareboat charter.

The vessels will be delivered to Ocean Yield in October and November 2019.

2020 Bulkers will have options to either sell or acquire the vessels during the charter period, as well as a purchase obligation at the end of the charter.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to acquire two scrubber-fitted newcastlemax dry bulk newbuildings with long-term charter to 2020 Bulkers, which increases our fleet to 65 vessels. The investment offers a very attractive risk reward for Ocean Yield.”

Earlier this week, 2020 Bulkers entered into a time charter agreement for Bulk Shanghai with a subsidiary of Glencore.