2020 Bulkers has entered into extended 10-13 month time charter agreements for Bulk Santiago and Bulk Seoul with Koch. The extensions will commence February 1, 2022, in direct continuation of their current charters.
The vessels will earn an index-linked rate, reflecting a significant premium to the Baltic 5TC index.
The time charters also include a profit-sharing of any economic benefit derived from operating the vessels scrubbers, as well as certain rights to convert the time charters to fixed rates on the basis of the prevailing FFA curve from time to time.
Source: 2020 Bulkers