2020 Bulkers announces delivery of Bulk Santos and commencement of charter

HAMILTON: 2020 Bulkers Limited announced that it took delivery of the last of the eight 208,000 dwt Newcastlemax newbuildings.

Bulk Santos will on June 18, 2020, commence a 35-37 month index-linked time charter with ST Shipping, a 100% owned subsidiary of Glencore. The index-linked charter rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption. The vessel will also earn an additional premium related to the fuel cost saving from the scrubber.

As the Company’s capex program is now concluded, the focus going forward will remain on creating an attractive return to shareholders through safe and reliable operations of fleet.

For the remainder of 2020, six vessels in operation are currently fixed at an average charter rate of approximately USD 19,100 per day, which is expected to cover budgeted G&A, operating costs and debt service for the full fleet of eight vessels.

In addition, two vessels will earn an index-linked charter rate reflecting a significant premium to a standard Capesize. The Company will also earn a premium reflecting the fuel cost savings from the scrubbers for a total of four vessels.