Tor Olav Trøim’s 2020 Bulkers has announced that it has sealed extended charter contracts with Koch Supply and Trading for two of its newbuild newcastlemax bulkers, Bulk Santiago and Bulk Seoul.
The contracts for the two vessels have each been extended by 11-13 months at an index linked rate.
The time charters also include a sharing of the economic benefit from the scrubbers from January 1, 2020, with the majority of the benefit accruing to 2020 Bulkers.
Under the agreement, the time charters will commence on December 25, 2020, for Bulk Santiago and January 1, 2021, for Bulk Seoul, representing 130 days reduction in the maximum optional periods under the existing fixed rate time charters.
2020 Bulkers currently has four vessels in operation and four newcastlemax bulkers under construction at New Times Shipyard in China.
At the end of October, 2020 Bulkers entered into a time charter agreement for Bulk Shenzhen with Glencore.