2020 Bulkers announced earlier today that the Company took delivery yesterday of the first of the eight 208,000 dwt Newcastlemax newbuildings, Bulk Sandefjord, from New Times Shipyard.

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.

2020 Bulkers Announces Delivery of Bulk Sandefjord and Commencement of Charter

The vessel will commence a 3-year index-linked time-charter with Koch Supply & Trading upon sailing from the shipyard.

The time charter equivalent dayrate at commencement will be approximately USD 35,000 reflecting 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.

Source: 2020 Bulkers