Fourth Newcastlemax Joins 2020 Bulkers

Illustration; Source: Pxhere under CC0 Creative Commons license

Norwegian shipowner and operator 2020 Bulkers has taken delivery of Bulk Shanghai, the fourth of eight 208,000 dwt Newcastlemax newbuilds.

The 300-meter-long bulker, which commenced a 13-year bareboat charter with 2020 Bulkers, is owned by Norwegian shipping company Ocean Yield.

The 224,100 cbm vessel will on November 9, 2019, commence an 11-13 month index-linked timecharter with ST Shipping, a 100% owned subsidiary of Glencore. The index-linked rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption. Starting January 1, 2020, the vessel will also earn an additional premium related to the fuel cost saving from the scrubber.

According to 2020 Bulkers, two further vessels are expected to be delivered by January 2020, and the remaining two vessels are expected to be delivered by May 2020.

2020 Bulkers has four vessels in operation and four Newcastlemax drybulk vessels under construction at New Times Shipyard in China. All vessels will be fitted with exhaust scrubber systems.

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