2020 Bulkers

Tor Olav Troim led 2020 Bulkers has reported average TCE (Time Charter Equivalent) earnings of $16,700 per day for May 2020. Currently, 2020 Bulkers controls 8 newcastlemax bulk carriers. 2020 Bulkers’ fleet-wide cash break-even is around $14,000 per day. According to 2020 Bulkers, large bulk carriers have a positive outlook with influential demand and diminishing iron ore inventories in China that is supported by extremely low newbuilding order-book. 2020 Bulkers chartered out brand new newcastlemax bulk carriers 208K DWT MV Bulk Sao Paulo and MV Bulk Santos to Glencore for 3 years. 14-June-2020

 

Tor Olav Troim led 2020 Bulkers has secured a major loan for its newcastlemax newbuilding program and hasn begun working on a full stock listing. 2020 Bulker has also revealed a time charter for one of its eight (8) newcastlemax new-buildings, which will begin to deliver in September 2019. Oslo-OTC (Over The Counter) listed 2020 Bulkers appointed two new directors. 2020 Bulkers switched Magnus Halvorsen from the Chairman to CEO seat. 2020 Bulkers hired former Frontline’s CTD Olav Eikrem. 2020 Bulkers is acting on a plan to become an operator of bulk carriers rather than a simple asset play. As of today, 2020 Bulkers signed a long-term bank loan running to $240 million. $240 million loan carries an interest of Libor plus 250 basis points, has an 18-year repayment profile for the principal amount, and a balloon repayment after five (5) years. In the long term, 2020 Bulkers may consider other capital structures, including an all-equity financing structure, thereby giving additional flexibility with respect to dividend distributions. 2020 Bulkers has made $68 million in shipyard payments on the giant bulk carriers at New Times Shipyard and has $306 million to pay on the bulk carriers. 2020 Bulkers has previously raised $70 million in equity in small volumes for shipyard payments. 2020 Bulkers is planning to list on US stock exchange during 2019 and have started the preparation for this. Furthermore, 2020 Bulkers illustrated the value of scrubber fitted newcastlemax bulk carriers. 2020 Bulkers has also had several inquiries from first-class charterers interested in securing newcastlemax bulk carriers. Long-term time charters with fixed and floating rates and contracts of affreightment were all discussed. 2020 Bulkers’ new-buildings will be delivered with scrubbers seems to be a significant driver behind the charterers’ interest. 2020 Bulkers will continue to charter out bulk carriers to strong counterparties with a target to optimize the trading results from their operation without building a large overhead structure. Newly appointed CTD (Chief Technical Director) had the same position for John Fredriksen’s Frontline for 15 years. In January 2019, Kate Blankenship and Georgina Sousa had appointed from John Fredriksen’s company. 2020 Bulkers would target high yield dividend payments. 2020 Bulkers had an opportunistic approach to growth and a disciplined investment strategy. On the other hand, 2020 Bulkers explained that there are no current plans to order new-buildings as bulk carrier prices have risen by 20% since its own bulk carriers were contracted. According to 2020 Bulkers’ 2019 and 2020 dry bulk freight predictions, the dry bulk market will see fleet growth of between 0 and 1% given the downtime required to install scrubbers on currently trading bulk carriers. 6-August-2019

 

Norwegian shipowner 2020 Bulkers has secured period charters for three (3) newcastlemax new-buildings to Koch Supply & Trading for up to 36 months. Norwegian Tor Olav Troim backed 2020 Bulkers has secured new charters for three (3) newcastlemax new-buildings. Koch Supply & Trading and Koch Shipping are subsidiary companies of Koch Industries. Furthermore, this week 2020 Bulkers is set for Oslo Axess listing. Three (3) newcastlemax new-buildings time charters will commence directly after delivery from New Times Shipyard, China. The first delivery of newcastlemax new-building is due in August. Koch Shipping is an active charterer of tankers and bulk carriers. 15-July-2019

 

Oslo listed shipowner 2020 Bulkers has reported that index-linked bulk carriers performed above the Baltic Exchange average during November 2019. Tor Olav Troim led 2020 Bulkers has reported that four (4) operational newcastlemax bulk carriers achieved average time charter equivalent (TCE) earnings of $24,466 per day and out-performed the Baltic Exchange average in November 2019. 2020 Bulkers’ ships trading on index-linked time charters earned $28,594 per day and the fixed-rate ships achieved $20,888 per day. Meanwhile, Baltic Exchange 5TC capesize index averaged $21,254 during November 2019. 2020 Bulkers’ BOD (Board of Directors) has approved the payment of a dividend of $0.08 per share for November 2019. 2020 Bulkers has reported the first profit from operations in Q3 2019. In Q3 2019, 2020 Bulkers has reported net earnings of $0.8 million, from only 65 operational ship days. In Q3 2018, 2020 Bulkers has reported a loss of $0.2 million. 2020 Bulkers has four (4) more newbuilding bulk carriers remain under construction in China. 2020 Bulkers has chartered out four (4) bulk carriers to Koch Shipping and two (2) bulk carriers to Glencore. 2020 Bulkers has fixed employment for 99% of operating days in 2019 and 80% in 2020. 14-December-2019

 

John Fredriksen’s former right-hand man Tor Olav Troim is establishing a new bulk carrier company called 2020 Bulkers on the Oslo Over the Counter market (Oslo OTC). 2020 Bulkers ordered at least two (2) newcastlemax dry bulk carriers at New Times Shipbuilding in China. Tor Olav Troim’s private Magni Partners is behind 2020 Bulkers. Furthermore, 2020 Bulkers are backed by investors Titan Opportunities Fund, which was established by former Fredriksen employees Fredrik Halvorsen and Espen Westeren. Newcastlemax dry bulk carriers 208K DWT are costing $44 million each and will be delivered in 2020. John Fredriksen was working on a newcastlemax project at the same shipyard New Times Shipbuilding. 2-March-2019

 

John Fredriksen’s ex right-hand man Tor Olav Troim-backed Norwegian shipowner 2020 Bulkers is in the money on its contracts for eight (8) newcastlemax new buildings at Chinese Shipyard New Times. Eight (8) newcastlemax new buildings were ordered in 2017 for around $44.2 million each and currently same newcastlemax new buildings are quoted around $50 million. Chinese Shipyard New Times will deliver 2020 Bulkers’ newcastlemax new buildings between September 2019 and May 2020. Tor Olav Troim-backed Norwegian shipowner 2020 Bulkers is listed on Oslo’s OTC (over-the-counter) market. Last week, 2020 Bulkers raised another fresh equity in order to pay shipyard installments for new-buildings. Tor Olav Troim’s private company Magni Partners had a 50% stake in 2020 Bulkers.  2020 Bulkers shareholders are Titan Opportunities Fund, Fredrik Halvorsen, and Magni Partners. John Fredriksen and Tor Olav Troim split their ways in 2014. 29-March-2018

 

Oslo over the counter-listed Tor Olav Troim led 2020 Bulkers ordered two (2) firm newcastlemax bulk carriers 208K DWT at Chinese Shipyard New Times for $44.2 million each. Norwegian 2020 Bulkers recently raised a small amount of fresh capital from investors. Norwegian shipowner 2020 Bulkers has 4 further options in hand at Chinese Shipyard New Times which will expire end of December if not taken up. Tor Olav Troim led 2020 Bulkers is in no rush to invest in additional ships and build up a fleet when newbuilding prices are already rising. 20-December-2017