Tor Olav Troim’s 2020 Bulkers has sealed an extension with Glencore’s ST Shipping for its 2019-built newcastlemax Bulk Shanghai.
The charter of the vessel will be extended for a period of six to eight months from October 4.
Under the latest contract, the vessel will earn a fixed rate of $18,000 per day, as well as share of the fuel savings generated from the use of the ship’s scrubber.
“We are pleased to further develop our good relationship with Glencore. The extended time charter for Bulk Shanghai secures cash flow through the first quarter of 2021 at a level above our average operating cash breakeven which is estimated at approximately USD 14,000 per day for 2021,” said Magnus Halvorsen, CEO of 2020 Bulkers Management.
2020 Bulkers currently owns a fleet of eight newcastlemax bulkers.