2020 Bulkers Ties Up Trio in Charter Deals with Koch

BulkerIllustration; Source: PxHere under CC0 Creative Commons license

Norwegian shipowner 2020 Bulkers has reached time charter agreements for three of its vessels with Koch Supply & Trading, a subsidiary of Koch Industries.

The company’s Bulk Sandefjord secured a 36-month charter at an index linked rate, reflecting a premium to the Baltic 5TC index. The deal also includes a profit sharing of any economic benefit derived from operating the vessel’s scrubber. The new contract replaces the previous 12-15 months time charter at a TCE rate of USD 19,525 per day.

2020 Bulkers’ Bulk Santiago will serve the charter party originally entered into for Bulk Sandefjord for 12-15 months employment at a fixed rate of USD 19,525 per day.

Additionally, Bulk Seoul was hired by the charter party for a contract originally entered into for Bulk Santiago for 12-16 months employment at a fixed rate of USD 22,250 per day.

All three time charters will commence directly after delivery of the newbuildings from New Times Shipyard.

2020 Bulkers has eight Newcastlemax drybulk vessels under construction at the shipyard in China. All vessels will be fitted with exhaust scrubber systems. The first ship is expected to deliver on August 7 and all ships are set to be handed over by May 2020.

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