Norway-based shipowner 2020 Bulkers has entered into a time charter agreement for one of its Newcastlemax newbuilds with a subsidiary of commodity trading and mining company Glencore.
The ship, Bulk Shanghai, is scheduled for delivery in early November 2019.
The newbuild is the fourth ship that would be handed over to 2020 Bulkers from New Times Shipbuilding in China this year.
Under the latest agreement, the 224,100 cbm bulker will commence an 11-13 month time charter upon delivery. It will earn an index-linked rate, reflecting a significant premium to the Baltic 5TC index, according to 2020 Bulkers.
The time charter also includes a profit sharing of any economic benefit derived from operating the vessel´s scrubber, the company added.
In July, the company also agreed time charter agreements for the first three vessels with Koch Supply & Trading, part of Koch Industries.
2020 Bulkers has two Newcastlemax drybulk vessels in operation and six Newcastlemaxes under construction in China. All vessels are expected to be delivered by May 2020 and will be fitted with scrubbers.