Norway’s 2020 Bulkers has fixed its 2020-built newcastlemax bulker Bulk Shenzhen to Koch Shipping on time charter for a period of 19-23 months.
The charter will commence later in April upon completion of the vessel’s current voyage charter.
The company says the vessel will earn an index-linked rate, reflecting a significant premium to the Baltic 5TC index. The charter also includes a profit sharing agreement related to the vessel’s scrubbers, and certain rights to convert the time charter to fixed rate on the basis of the prevailing FFA curve from time to time.
2020 Bulkers, founded by Tor Olav Trøim and led by Magnus Halvorsen, owns a fleet of eight newcastlemax bulkers. Six of the vessels are now on charter to Koch, while the other two are with Glencore.