2020 Bulkers announced earlier today that it took delivery of the third of the eight 208,000 dwt Newcastlemax newbuildings from New Times Shipyard. Three further vessels are expected to be delivered within the next three months, and all eight vessels are expected to be delivered by May 2020.
The vessel - Bulk Seoul - will on November 1, 2019 commence a 12-16 month time charter with Koch Supply & Trading at a fixed rate of USD 22,250 per day.
The time charter was entered into in late April 2019 when one-year time charter rates for a standard Capesize were approximately USD 15,000 per day and reflects a solid premium for the Company's Newcastlemax, as a function of higher cargo intake and lower consumption.
The Company expects an average cash breakeven of USD 14,100 per ship per day for 2020.
Source: 2020 Bulkers