Tor Olav Trøim’s 2020 Bulkers will list on Oslo Axess from July 12 following approval by the Oslo Stock Exchange.
The company said it has applied for a listing on July 8 and expects to receive the approval on July 10.
“We are excited about the upcoming listing of 2020 Bulkers, which we expect will increase public awareness of the company and improve the liquidity in the trading of the shares. We believe 2020 Bulkers offers a unique proposition to investors with our newbuilding fleet of eight, scrubber fitted, fuel efficient 208,000 dwt newcastlemax dry bulk carriers,” said Magnus Halvorsen, CEO of 2020 Bulkers Management.
The company’s eight newbuild newcastlemax dry bulk vessels are currently on order at China’s New Times Shipyard, with deliveries expected to commence at the end of this year.
Halvorsen expects the earnings potential of the vessels, with the company’s low cash breakeven level, to offer the company a strong foundation for returning capital to shareholders through dividends once the fleet is fully delivered.
“2020 Bulkers will focus on maintaining a strict capital discipline through the business cycle and seek to maximise returns to shareholders from the existing asset base,” Halvorsen added.