First Newcastlemax Newbuild Joins 2020 Bulkers

Norwegian shipowner 2020 Bulkers has taken delivery of the first of its eight 208,000 dwt Newcastlemax newbuilds from China’s New Times Shipyard.

The ship in question is Bulk Sandefjord and was handed over to the company on August 7.

The 224,100 cbm vessel will commence a three-year index-linked time charter with Koch Supply & Trading upon sailing from the shipyard.

As informed, the time charter equivalent dayrate at commencement will be approximately USD 35,000. According to 2020 Bulkers, it reflects “a healthy Capesize market as well as a solid premium to a standard Capesize as a function of higher cargo intake and lower consumption.”

The rates for Bulk Sandefjord will be market adjusted on a bi-weekly basis. Cash break-even for the vessel is estimated at USD 14,500 per day.

Five further vessels are expected to be delivered within the next five months, and all eight vessels are expected to be delivered by May 2020. All drybulk ships will be fitted with exhaust scrubber systems.

Related: Five 2020 Bulkers’ Newbuildings to Be Delivered Earlier

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