Newcastlemax owner 2020 Bulkers has switched four of its ships from index-linked charter into a fixed-rate hire.
The Oslo-listed owner has fixed the 2019-built Bulk Sandefjord and 2020-built Bulk Shenzhen, Bulk Sydney and Bulk Santos from December to end-March 2024, including scrubber benefits.
Specifically, three ships have been fixed for December 2023 and March 2024 at 20,841 and 19,177 per day respectively, while all four will earn a fixed rate of 19,831 per day in January and February.
Magnus Halvorsen, chairman of 2020 Bulkers, said the company has now secured 45% of available ship days for the first quarter of 2024 at an average rate of $19,650 per day, plus scrubber benefits, significantly higher than the company’s cash breakeven, currently estimated at $16,400 per day.
“The first quarter is normally the low season in the capesize market and given the favorable supply and demand outlook for the remainder of 2024 it is currently our intention to maintain a high exposure to the spot market for the balance of 2024,” Halvorsen added.
The Tor Olav Trøim-backed 2020 Bulkers owns eight scrubber-fitted newcastlemaxes. Three of the mentioned ships converted to fixed-rate deals are on charter with Singapore’s Koch Shipping until the end of 2026 with options for 12 more months.
