Tor Olav Trøim’s 2020 Bulkers has entered into a time charter agreement for its newcastlemax newbuilding Bulk Shanghai with a subsidiary of Glencore.
The vessel will commence a 11-13 month time charter upon delivery from China’s New Times Shipyard in early November and will earn an index linked rate. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel’s scrubber.
In July, 2020 Bulkers managed to get New Times to deliver five of its eight scrubber-fitted newcastlemaxes eight months earlier than scheduled in light of improvements in the dry bulk market.
Currently, two of the company’s eight bulker newbuldings have been delivered and all ships are expected to be delivered by May 2020.
