Tor Olav Troim-backed Norwegian shipowner and operator 2020 Bulkers has now completed the full divestment of its remaining newcastlemax bulk carriers, drawing a definitive close to an ambitious fleet-expansion, commercial-optimisation, and asset-monetisation strategy that has shaped the identity of the Norwegian shipping company since its inception. Oslo-listed Norwegian shipping company 2020 Bulkers disclosed that it has finalised agreements to dispose of its last two newcastlemax bulk carriers, effectively concluding an eight-year programme centred on building, deploying, and ultimately selling a modern scrubber-fitted fleet. CEO Lars Christian Svensen of Norwegian shipowner and operator 2020 Bulkers confirmed that the group has reached binding sale arrangements with an undisclosed buyer for the 2020-built newcastlemax bulk carriers MV Bulk Sydney and MV Bulk Santos for a combined consideration of $145.5 million. While the deals remain subject to routine completion requirements, the physical transfers of the newcastlemax bulk carriers are set for Q1 2026. Until that date, Norwegian shipowner and operator 2020 Bulkers will continue to capture all operating cash flow generated by the vessels. Norwegian shipowner and operator 2020 Bulkers expects to register an approximate $61 million net gain from these disposals once all contractual steps have been finalised. Chairman Magnus Halvorsen of Norwegian shipowner and operator 2020 Bulkers emphasised that the transactions represent the final milestone of a newbuilding campaign initiated back in 2017. Between August 2019 and June 2020, 2020 Bulkers accepted delivery of eight high-specification, scrubber-equipped newcastlemax bulk carriers at an average full-cost figure of roughly $47.6 million per newcastlemax bulk carrier. Throughout this period, Norwegian shipowner and operator 2020 Bulkers maintained profitability every Q, supported by what Chairman Magnus Halvorsen described as a disciplined capital framework, prudent leverage management, and an active chartering strategy that took advantage of favourable freight environments. The strategic development of Norwegian shipowner and operator 2020 Bulkers is significant in itself. Established in 2017 by prominent shipping investor Tor Olav Trøim—well-known for his role in shaping the modern offshore, LNG, and dry bulk landscapes—2020 Bulkers was conceived as a pure-play newcastlemax owner optimised for fuel-efficient, index-linked employment. Co-founder Magnus Halvorsen later became CEO of 2020 Bulkers Management, overseeing commercial operations, financing, corporate risk policy, and the implementation of a highly transparent dividend-return model. Over time, Norwegian shipowner and operator 2020 Bulkers built a reputation for strong governance, high payout ratios, and a lean operational structure resembling private-equity-style shipping investment rather than traditional liner-style corporate scaling.The financial model behind Norwegian shipowner and operator 2020 Bulkers further illustrates this approach. The 2017–2020 newbuilding programme was funded through $142 million of equity, supported by bank debt. Since the arrival of its first ship, Norwegian shipowner and operator 2020 Bulkers has distributed $238 million to investors via dividends and capital repayments—an unusual level of shareholder return for a relatively small, single-segment shipping platform. The focus has consistently been on disciplined asset rotation, high commercial utilisation, and optimising the spread between newbuilding cost, charter earnings, and residual sale price.The two latest newcastlemax bulk carrier disposals follow a sequence of sales stretching back to September 2024. Norwegian shipowner and operator 2020 Bulkers sold three newcastlemax bulk carriers for around $209 million, completed another disposal for $72.7 million shortly thereafter, and had already sold two additional units earlier in 2024 for approximately $127.5 million. These structured exits mark one of the most deliberate and commercially successful wind-down processes executed by a modern dry bulk investment vehicle. After loan redemptions linked to the disposals, Norwegian shipowner and operator 2020 Bulkers estimates that it will secure a total of roughly $312 million in net proceeds from the sale of its last six newcastlemax bulk carriers. The Norwegian shipping company also maintains a cash balance of around $17 million and will continue to accrue income from the newcastlemax bulk carriers until their final handovers. What emerges is a picture of Norwegian shipowner and operator 2020 Bulkers as a purpose-built project—one that prioritised timing, capital discipline, modern asset quality, and high transparency to shareholders. Rather than expanding into multiple ship segments or growing its fleet indefinitely, Norwegian shipowner and operator 2020 Bulkers executed a cycle-based strategy: invest at attractive newbuilding levels, operate efficiently, capitalise on freight and asset appreciation, and return capital to owners. As the last two newcastlemax bulk carriers transition to new owners, Norwegian shipowner and operator 2020 Bulkers stands as a case study of modern Norwegian shipping entrepreneurship—lean, focused, disciplined, and aligned with shareholder value throughout its entire lifecycle. 17-November-2025
Tor Olav Troim-backed Norwegian shipowner and operator 2020 Bulkers has been shifted to a hold rating as market analysts closely monitor the organisation’s next strategic steps regarding its remaining newcastlemax bulk carriers. Expectations are building that the Oslo-listed Norwegian shipping company 2020 Bulkers may choose to distribute a portion of the capital raised from its recent newcastlemax bulk carrier sales as cash returns to shareholders, depending on how its forward fleet strategy unfolds. 2020 Bulkers CEO Lars Christian Svensen is steering the organisation through a defining period as it reassesses its long-term structure, capital deployment priorities, and overall commercial direction following the divestment of a substantial share of its fleet. Norwegian shipping company 2020 Bulkers received a downgrade from Arctic Securities on the basis that the shipowner will likely experience reduced cash generation after selling the majority of its newcastlemax bulk carriers, a fleet segment that has historically served as the organisation’s primary earnings engine. The Oslo-listed shipowner and operator 2020 Bulkers has completed the disposal of four of its six newcastlemax bulkers in recent months, a development that has shifted the organisation’s profile from a concentrated pure-play newcastlemax platform toward a more flexible and opportunistic asset-management model. 2020 Bulkers, founded with a focused strategy of operating a modern fleet of fuel-efficient newcastlemax bulk carriers, quickly became known for its high distribution policy, index-linked charter exposure, and strong operational performance. Backed by well-known Norwegian investor Tor Olav Troim, 2020 Bulkers positioned itself as a lean, commercially agile shipping platform capable of capturing upside during freight market rallies while maintaining predictable income through fixed-rate contracts. Over the years, 2020 Bulkers has emphasised modern vessel design, eco-efficient propulsion, and scrubber-equipped units, enabling the organisation to capitalise on fuel spreads and optimise voyage economics. The deliberate decision to sell most of its newcastlemax ships marks a significant strategic pivot, signalling that 2020 Bulkers may be preparing for a new phase involving potential reinvestment, capital recycling, or entry into different market segments. As the organisation now controls only two remaining newcastlemax bulk carriers, analysts are awaiting clarity on whether 2020 Bulkers will reinvest in new assets, return additional capital to shareholders, or restructure itself into a more asset-light platform. With ongoing market volatility, evolving tonne-mile patterns, and shifting fleet renewal economics, 2020 Bulkers stands at a turning point where its next moves will determine whether it remains a specialised bulk carrier owner or transitions into a broader maritime investment vehicle. 14-November-2025
Tor Olav Troim-backed Norwegian shipowner and operator 2020 Bulkers is keeping its plans closely guarded regarding the future of its final two newcastlemax bulk carriers, maintaining a deliberate silence as the organisation navigates a strategic crossroads. CEO Lars-Christian Svensen has stated that it remains “too early” to determine what the shipowner 2020 Bulkers intends to do with its last two newcastlemax bulk carriers or how it will ultimately allocate the proceeds generated from the sale of the newcastlemax bulk carriers already disposed of. Lars-Christian Svensen, who leads newcastlemax owner 2020 Bulkers and also serves as contracted CEO of Himalaya Shipping — another Tor Olav Troim-linked platform that similarly operates newcastlemax ships — is overseeing a pivotal moment in the evolution of 2020 Bulkers as it reassesses its long-term direction. The Oslo-listed Norwegian shipping company 2020 Bulkers continues to maintain a tight-lipped position on the future disposition of its remaining newcastlemax bulk carriers, leaving investors, analysts, and market participants waiting for clarity on whether the organisation will reinvest, distribute further capital, or reshape itself into a more asset-light structure.2020 Bulkers has reiterated its projection that freight markets are likely to experience softer seasonal conditions beginning in Q1 2026, driven by new cargo volumes entering the Atlantic basin. This outlook underscores a cautious approach as the organisation evaluates its next strategic steps after selling the majority of its fleet. Over the years, 2020 Bulkers has built a reputation as a highly focused pure-play newcastlemax owner, operating a modern fleet of scrubber-equipped and fuel-efficient bulk carriers designed to capture strong earnings through index-linked charters and opportunistic asset exposure. Backed by well-known Norwegian investor Tor Olav Troim, the organisation grew rapidly by adopting a high-distribution model, disciplined capital allocation, and a streamlined operational approach that maximised returns during favourable freight cycles.The strategic decision to divest four of its six newcastlemax bulk carriers marked a major turning point for 2020 Bulkers. With only two units remaining, the organisation is now considered to be at an inflection point, where future decisions could redefine its identity — whether it chooses to reinvest in new assets, pivot into a different segment, distribute accumulated proceeds, or potentially consolidate operations with other Troim-linked maritime ventures.2020 Bulkers has historically distinguished itself through transparency, lean cost structures, and a relatively young fleet profile. However, with reduced operational scale, the organisation may need to adjust its business model to maintain relevance and returns in an increasingly competitive dry bulk market. As freight markets fluctuate and the Atlantic basin prepares for increased cargo flows, all eyes are on 2020 Bulkers as it weighs its next move, one that could reshape its trajectory within the global newcastlemax and broader dry bulk landscape. 13-November-2025
Tor Olav Troim-backed Norwegian shipowner and operator 2020 Bulkers is adopting an increasingly optimistic stance on future capesize bulk carrier market fundamentals as profits from its ongoing ship disposal programme rise to $117 million. Norwegian shipowner and operator 2020 Bulkers has achieved profitability in every quarter since it commenced operations in 2019, underscoring the consistency of its operating model and its disciplined approach to asset management.2020 Bulkers CEO Lars Christian Svensen.Oslo-listed shipowner and operator 2020 Bulkers continues to present a constructive outlook for its dry bulk activities even as the organisation’s fleet shrinks through a series of planned divestments.2020 Bulkers, founded by Norwegian investor Tor Olav Troim, has agreed to offload four of its remaining six newcastlemax bulk carriers beginning from quarter 3 2025, representing a pivotal restructuring step for the organisation as it reevaluates its long-term strategy within the global bulk carrier market. The decision to proceed with these asset sales signals a shift from its earlier positioning as a tightly focused pure-play newcastlemax owner toward a more flexible, capital-recycling-oriented business model.2020 Bulkers was originally created with a clear objective: to operate a modern, fuel-efficient fleet of scrubber-equipped newcastlemax bulk carriers designed to capture superior index-linked earnings during periods of heightened freight strength. Backed by the commercial insight and investment philosophy of Tor Olav Troim, the organisation quickly gained a reputation for high operational efficiency, a lean cost structure, and a shareholder-friendly distribution policy that earned it significant attention among investors seeking exposure to high-beta dry bulk market cycles. Over the years, 2020 Bulkers optimised its fleet through strategic charters, asset-trading opportunities, and a focus on maintaining top-tier technical performance. Its ships have routinely secured employment with major charterers, benefitting from the strong freight link between the Pacific basin’s Australian iron ore exports and the Atlantic basin’s Brazilian flows. With its scrubber-equipped newcastlemax bulk carriers, the organisation consistently captured fuel-spread advantages, further enhancing voyage economics and time-charter equivalent earnings. The recent decision to reduce fleet size marks a major evolution in the trajectory of 2020 Bulkers. The organisation is now at a strategic juncture, weighing the optimal use of cash proceeds — whether reinvesting in new opportunities, returning capital to shareholders, or pursuing a more asset-light operational profile. As market dynamics shift and new tonne-mile patterns emerge, the organisation is evaluating future strategies that may include diversification into different dry bulk segments or collaboration with other Troim-linked maritime ventures. Despite its shrinking fleet, 2020 Bulkers maintains a bullish long-term view on capesize bulk carrier market fundamentals, driven by anticipated growth in global iron ore movements, infrastructure spending, and long-haul cargo requirements. The organisation continues to communicate confidence in its ability to adapt, reposition capital, and pursue opportunities that sustain its track record of profitability. Investors and market analysts now closely watch 2020 Bulkers as it transitions into a new phase — one that may redefine its role from a pure-play newcastlemax owner into a more dynamic, strategically flexible maritime investment vehicle. 12-November-2025
Oslo-based shipowner and operator Himalaya Shipping, backed by prominent Norwegian shipping investor Tor Olav Troim, has reiterated its confidence in the long-term prospects of the dry bulk market, supported by resilient demand from Asia and stable fleet fundamentals. The Oslo- and New York-listed shipowner and operator Himalaya Shipping, led by Chief Executive Officer Lars-Christian Svensen, remains one of the most modern and environmentally efficient players in the global capesize bulk carrier segment. The company’s positive market outlook comes at a time when the dry bulk sector continues to benefit from solid Chinese industrial activity and growing export volumes from Brazil and West Africa. Lars-Christian Svensen emphasized that the current capesize bulk carriers orderbook stands at just 9.3% of the active fleet, a historically low figure that signals tight supply conditions in the coming years. Himalaya Shipping’s management expects this limited orderbook, coupled with rising demand for raw materials, to underpin a more balanced market environment and potentially stronger freight earnings going forward. Following the release of its Q3 2025 financial results, Himalaya Shipping shares climbed 5% on the Oslo Stock Exchange, reflecting investor optimism about the firm’s steady performance and forward-looking chartering strategy. The Norwegian shipowner and operator Himalaya Shipping reported total operating revenue of $37.9 million in Q3 2025, slightly lower than $39.2 million in Q3 2024, while achieving a net income of $9.5 million, demonstrating continued profitability despite volatile market conditions. Founded by Tor Olav Troim, Himalaya Shipping was created to establish a next-generation dry bulk platform centered on sustainability, fuel efficiency, and advanced operational technology. Its fleet consists entirely of state-of-the-art, eco-designed, LNG-ready capesize bulk carriers built at New Times Shipbuilding in China. These ships are equipped with energy-saving technologies and scrubbers to comply with the International Maritime Organization’s decarbonization framework, positioning the fleet for superior performance under future environmental regulations. Himalaya Shipping’s strategy focuses on long-term value creation through a mix of fixed-rate and index-linked charters, ensuring both earnings stability and exposure to market upside. The shipowner has built a reputation for prudent financial management and operational reliability, leveraging advanced data analytics and voyage optimization tools to reduce fuel consumption and emissions. Under the leadership of Lars-Christian Svensen, Himalaya Shipping has also emphasized transparency and consistent shareholder returns through quarterly dividends, reflecting its strong cash flow generation. With offices in Oslo and operational presence across major maritime hubs, Himalaya Shipping is viewed as a benchmark for modern, sustainable bulk carrier ownership. Its combination of cutting-edge technology, disciplined capital allocation, and a low-carbon fleet makes Himalaya Shipping a leader among the new generation of publicly traded dry bulk shipowners, well-positioned to benefit from evolving global trade patterns and the transition toward greener maritime transportation. 7-November-2025
Belgium-based shipowner Ebe has made headlines with the acquisition of its first Chinese-built LNG dual-fuel newcastlemax bulk carrier through a transaction with Tor Olav Troim-backed Norwegian shipowner and operator 2020 Bulkers, marking a significant expansion in Ebe’s fleet strategy and a continuation of 2020 Bulkers’ fleet divestment program. The deal identifies Belgium-based shipowner Ebe as the buyer of the 2020-built LNG dual-fuel newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo, which Norwegian shipowner and operator 2020 Bulkers agreed to sell earlier this week for approximately $73 million. For the Basile Aloy-led Ebe, the acquisition represents a dual milestone: the purchase of its first Chinese-built bulk carrier and its first investment in the large bulk carrier segment in nearly a decade. CEO Basile Aloy commented, “This will be our first Chinese-built bulk carrier, and certainly not the last,” noting that the Belgian shipowner has closely observed the evolution of Chinese shipbuilding quality, which has risen substantially over the past years. Historically, Ebe has relied exclusively on Japanese-built ships and last entered the large bulk carrier class in May 2016 when it purchased an Imabari-built capesize bulk carrier. The 2020-built LNG dual-fuel newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo was constructed at a leading Chinese shipyard and is fitted with advanced dual-fuel technology capable of operating on both conventional marine fuel and LNG, designed to meet stringent IMO Tier III and EEDI Phase 3 requirements. Norwegian shipowner and operator 2020 Bulkers will continue to receive the ship’s operational cash flows until the completion of the sale, which is expected in Q1 2026, with the transaction expected to generate a book gain of roughly $29 million. The sale forms part of Oslo-listed shipowner and operator 2020 Bulkers’ strategic fleet realignment and divestment program, which has accelerated in recent months as asset prices for dual-fuel bulk carriers reach record highs. Norwegian shipowner and operator 2020 Bulkers, backed by renowned Norwegian investor Tor Olav Troim, was established in 2017 and quickly grew into one of the most prominent owners and operators of modern newcastlemax bulk carriers. Based in Oslo and listed on the Oslo Stock Exchange, 2020 Bulkers manages its commercial operations through a combination of time charter and spot market exposure, maintaining long-term contracts with first-class charterers (FCC) and commodities traders across Asia and Europe. The company’s entire fleet initially comprised eight newcastlemax bulk carriers built between 2019 and 2021 at New Times Shipbuilding in Jiangsu, China. All ships are LNG dual-fuel capable, equipped with energy-efficient designs, and optimized for reduced carbon emissions, positioning 2020 Bulkers among the most environmentally advanced bulk carrier owners in the global market. The company’s strategy, shaped by founder Tor Olav Troim—who is also known for his leadership roles at Golar LNG and Borr Drilling—focuses on maximizing shareholder value through a disciplined approach to fleet renewal, dividend distribution, and asset optimization. Over the past two years, Norwegian shipowner and operator 2020 Bulkers has actively pursued asset sales to capitalize on strong secondhand demand, completing the sale of three LNG dual-fuel newcastlemax bulk carriers to Oman-based shipowner and operator Asyad Shipping for around $209 million, and two 2019-built newcastlemax bulk carriers in 2024 for approximately $128 million. These transactions reflect a shift in 2020 Bulkers’ strategy toward realizing asset gains while maintaining leaner fleet operations. Once the transfer of the newcastlemax bulk carrier MV Bulk Sao Paulo to Belgian shipowner Ebe is finalized, Norwegian shipowner and operator 2020 Bulkers will retain only two newcastlemax bulk carriers from its original eight-vessel lineup. Despite the ongoing divestments, 2020 Bulkers remains a benchmark for modern bulk carrier operation, combining efficient ship management, transparent financial practices, and a strong dividend policy that has attracted global investors. The company continues to be managed by an experienced team based in Oslo, with a focus on sustainability, capital discipline, and technological leadership in the LNG dual-fuel bulk carrier segment. The sale to Ebe reinforces 2020 Bulkers’ reputation for fleet quality and profitability while further advancing the transition of modern LNG-ready tonnage into the hands of a new generation of shipowners seeking greener and more fuel-efficient assets. 21-October-2025
Tor Olav Troim-backed Norwegian shipowner and operator 2020 Bulkers has strengthened its balance sheet by securing approximately $72 million as it continues its strategic divestment of modern ships across its fleet. The Oslo-listed Norwegian shipping company 2020 Bulkers has expanded its asset sales program with the disposal of another 208K DWT LNG dual-fuel newcastlemax bulk carrier, marking a new milestone in its fleet optimization strategy. Norwegian shipowner and operator 2020 Bulkers announced that it has entered into an agreement to sell the 2020-built LNG dual-fuel newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo for about $73 million to an undisclosed shipowner. 2020 Bulkers will continue to collect operational cashflows from the newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo until the transfer of ownership, which is anticipated to be completed in Q1 2026. Once finalized, the sale is expected to produce an estimated net book gain of $29 million, underscoring the Norwegian shipowner’s disciplined capital recycling approach. The transaction follows the earlier disposal of three similar LNG dual-fuel newcastlemax bulk carriers to Oman-based shipowner and operator Asyad Shipping in September 2025 for a combined $209 million. Upon completion of the latest deal, 2020 Bulkers will retain ownership of only two remaining newcastlemax bulk carriers. Established in 2018 and headquartered in Oslo, Norwegian shipowner and operator 2020 Bulkers was founded with the vision of operating one of the world’s youngest and most fuel-efficient fleets in the newcastlemax segment. The Norwegian shipping company 2020 Bulkers, which was sponsored by Tor Olav Troim’s Magni Partners, entered the market with eight high-specification scrubber-fitted newcastlemax bulk carriers built at New Times Shipbuilding in China. These ships were designed with energy efficiency, reduced emissions, and LNG dual-fuel capability in mind, positioning the Norwegian shipowner and operator 2020 Bulkers at the forefront of the environmental transition within the dry bulk shipping sector. Under the leadership of Chief Executive Officer Lars-Christian Svensen, Norwegian shipowner and operator 2020 Bulkers has prioritized shareholder returns through a blend of consistent dividends, share buybacks, and profitable ship sales, reflecting a strong focus on asset value realization rather than fleet expansion. Over the past several years, 2020 Bulkers has demonstrated exceptional commercial management, securing lucrative long-term time charters with reputable charterers such as Koch Shipping and Glencore. These fixtures provided predictable earnings visibility and strengthened the company’s position in the volatile bulk freight market. In 2024, Norwegian shipowner and operator 2020 Bulkers successfully completed the sale of two 2019-built newcastlemax bulk carriers for roughly $128 million, realizing substantial book gains and further validating its strategy of timing asset disposals during firm market cycles. Despite reducing its fleet, the Norwegian shipowner 2020 Bulkers continues to maintain a strong operational and financial foundation, supported by modern technology, efficient ship design, and prudent capital allocation. As it transitions toward a lighter asset model, the Tor Olav Troim-backed Norwegian shipowner and operator 2020 Bulkers remains committed to delivering long-term shareholder value while maintaining its reputation for operational excellence, commercial agility, and disciplined execution in global dry bulk shipping markets. 20-October-2025
Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers reduces fleet with $209 million newcastlemax bulk carrier sale. Norwegian shipping company 2020 Bulkers has agreed to divest three scrubber-fitted newcastlemax bulk carriers for a total of $209 million, marking a significant restructuring of its fleet management strategy. The Oslo-listed Norwegian shipping company 2020 Bulkers confirmed the disposal of the 2019-built newcastlemax bulk carrier MV Bulk Sandefjord, the 2019-built newcastlemax bulk carrier MV Bulk Santiago, and the 2020-built newcastlemax bulk carrier MV Bulk Shenzhen. The vessels have been acquired by Oman’s state-owned Asyad Shipping, a division of the government-controlled logistics conglomerate Asyad Group operating under Oman Shipping Company S.A.O.C. All three newcastlemax bulk carriers will continue on charter to Singapore-based shipowner and operator Koch Shipping Pte Ltd, the shipping division of commodities major Koch Supply and Trading, until the final handover. These sales, which remain subject to customary conditions, are expected to close in Q1 2026. Until then, Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers will retain cash flow generated from the three newcastlemax bulk carriers. The sales are anticipated to deliver a book profit of approximately $89 million, with the Board of Directors (BOD) of Norwegian shipping company 2020 Bulkers tasked with deciding on the allocation of proceeds once the deal is completed. Established in 2017 with the strategic backing of Norwegian shipping magnate Tor Olav Troim, Norwegian shipping company 2020 Bulkers has earned recognition for operating a highly modern fleet of scrubber-fitted newcastlemax bulk carriers. Based in Oslo and listed on the Oslo Stock Exchange, the shipping company has concentrated on building efficiency-focused assets to capture earnings in both the spot and period charter markets. Its corporate model places strong emphasis on returning value to shareholders through high dividends, supported by stable revenues secured from long-term charter contracts with blue-chip charterers. Under the leadership of CEO Lars-Christian Svensen, Norwegian shipping company 2020 Bulkers now manages a downsized fleet of six newcastlemax bulk carriers following this transaction. This downsizing illustrates a deliberate effort by the shipping company to monetize tonnage at favorable market values while keeping the flexibility to redirect capital back to shareholders. Earlier in February 2024, Norwegian shipping company 2020 Bulkers sold two 2019-built scrubber-fitted newcastlemax bulk carriers for around $127.5 million, underlining its practice of capturing asset upside during robust S&P (Sale and Purchase) conditions. These successive sales underline Norwegian shipping company 2020 Bulkers’ identity as a dividend-centric shipping platform that actively engages in both chartering and S&P activity. The approach, driven by a disciplined capital allocation strategy and transparent governance, has made the shipping company a notable case study in aligning fleet management with investor returns in the modern shipping industry. 29-September-2025
Oslo-based shipowner and operator Himalaya Shipping, backed by Norwegian shipping investor Tor Olav Troim, is advancing its strategy of shifting from index-linked charters to fixed-rate employment, securing new agreements for two additional newcastlemax bulk carriers. Under the leadership of CEO Lars-Christian Svensen, Oslo- and New York-listed shipowner and operator Himalaya Shipping announced that the two newly delivered newcastlemax bulk carriers will commence fixed charters on 1 October 2025 and continue until 31 December 2025. These state-of-the-art dual-fuel newcastlemax bulk carriers will generate an average daily hire of $38,700, while still benefiting from scrubber premiums under their charter terms. Norwegian shipowner and operator Himalaya Shipping began this transition in March 2025, fixing two of its 210K DWT LNG dual-fuel newcastlemax bulk carriers, followed by another four in July 2025, with those six bulk carriers contracted at an average of $34,000 per day until 30 September 2025. With the latest pair added, four of the 12-strong Himalaya Shipping fleet will be on fixed-rate employment averaging $35,200 per day, while the remaining bulk carriers will continue operating on index-linked charters. Himalaya Shipping has consistently outperformed market benchmarks, with Q2 2025 showing the Baltic Capesize Index (BCI) averaging $18,681 per day against Himalaya Shipping’s fleet average of about $28,400 per day, and in July 2025 the Norwegian shipowner and operator achieved average TCE (Time Charter Equivalent) earnings of $32,700 per day. Himalaya Shipping, established in 2021 and headquartered in Oslo, focuses on modern, environmentally efficient newcastlemax bulk carriers designed to meet stricter emissions regulations and capitalize on the growing demand for LNG dual-fuel technology. The fleet, which consists entirely of scrubber-fitted, LNG-ready newcastlemax bulk carriers, has positioned Himalaya Shipping as one of the most advanced dry bulk players in terms of fuel efficiency and environmental compliance. The strategy of maintaining a flexible chartering mix between index-linked and fixed-rate contracts allows Himalaya Shipping to balance exposure to market volatility while ensuring steady cash flow, strengthening its reputation among investors and charterers as a forward-looking shipping platform led by Tor Olav Troim’s investment vision. 28-August-2025
Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers saw its Q2 2025 profit decline sharply as the Bermuda-registered and Oslo-based shipowner and operator 2020 Bulkers, whose fleet is fully exposed to the spot market, was hit by lower capesize bulk carrier rates, although the results were partly supported by gains from forward freight agreements (FFAs) following its first transactions in the derivatives market, with Q2 2025 profit dropping to $5.7m compared to $31.2m in Q2 2024, when earnings were boosted by a $20.4m gain from the sale of newcastlemax bulk carriers. 14-August-2025
Oslo-listed shipowner and operator Himalaya Shipping, backed by Norwegian shipping investor Tor Olav Troim, anticipates a stronger 2026 for capesize and newcastlemax bulk carriers, highlighting that seasonality for large bulk carriers has been solid and emerged earlier than usual in the Atlantic market, with the Oslo and NYSE-listed shipowner and operator Himalaya Shipping stating that seasonality began ahead of schedule for capesize and newcastlemax bulk carriers in 2025 and forecasting that several positive factors will drive the dry bulk market in 2026, as Lars-Christian Svensen, CEO of the Oslo- and New York-listed shipowner and operator Himalaya Shipping, points to up to four drivers supporting front-haul capesize bulk carrier demand; Himalaya Shipping, headquartered in Bermuda and operating a modern fleet primarily consisting of fuel-efficient LNG dual-fuel newcastlemax bulk carriers built at top-tier Chinese shipyards, focuses on environmentally sustainable and high-performance dry bulk operations, targeting long-term charters with reputable counterparties to ensure stable earnings, and has positioned itself strategically to benefit from tightening environmental regulations, increasing demand for eco-tonnage, and emerging global trade patterns, while maintaining a strong balance sheet and leveraging the extensive industry experience of Tor Olav Troim to navigate market cycles and secure advantageous employment opportunities for its fleet. 10-August-2025
Oslo-listed shipowner and operator Himalaya Shipping, backed by Norwegian shipping investor Tor Olav Troim, is locking in revenue by shifting four of its LNG dual-fuel newcastlemax bulk carriers from index-linked charters to fixed-rate agreements, with the change scheduled from 1 August 2025 to 30 September 2025, in what shipbrokers interpret as a strategic move that suggests current market rate forecasts may be on the conservative side; Himalaya Shipping, which was founded to operate a fleet of modern, fuel-efficient newcastlemax bulk carriers equipped with scrubbers and LNG dual-fuel capability, focuses on reducing emissions and maximizing chartering flexibility through exposure to both index-linked and fixed-rate contracts, and has positioned itself as a forward-looking dry bulk shipping platform with an emphasis on long-term value creation and environmental compliance. 28-July-2025
Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers has re-entered the derivatives market to hedge earnings for two of its newcastlemax bulk carriers, further expanding its use of freight risk management tools in 2025. Bermuda-registered and Oslo-based shipowner and operator 2020 Bulkers confirmed that it executed two Forward Freight Agreement trades covering the period from 1 August to 31 December, securing an average gross fixed rate of $33,700 per day for the two newcastlemax bulk carriers. This marks a continuation of 2020 Bulkers’ strategic use of derivatives after its initial FFA trades earlier in 2025, which generated close to $1 million in gains. The decision to return to the FFA market reflects 2020 Bulkers’ proactive approach to managing market volatility and enhancing earnings visibility in a fluctuating freight environment. Founded in 2017 and listed on the Oslo Stock Exchange, 2020 Bulkers is focused exclusively on operating a modern fleet of fuel-efficient newcastlemax bulk carriers, all built between 2019 and 2020 at New Times Shipbuilding in China. The fleet consists of eight sister ships, each equipped with scrubbers, allowing the shipowner and operator 2020 Bulkers to benefit from fuel cost differentials while complying with environmental regulations. The fleet primarily operates in the spot market or on short-term index-linked charters, giving 2020 Bulkers the flexibility to capture market upside while leveraging tools such as FFAs to lock in forward earnings. As the shipping market remains dynamic, 2020 Bulkers continues to adopt a disciplined and data-driven approach to commercial strategy, combining operational efficiency, market exposure, and financial hedging to optimise shareholder returns. 25-July-2025
Dry bulk market headwinds dragged Tor Olav Troim-backed Oslo-listed shipowner and operator Himalaya Shipping into the red for Q1 2025, as the capesize and newcastlemax bulk carrier spot markets struggled during the seasonally weakest quarter of the year. CEO Lars-Christian Svensen-led Himalaya Shipping posted a quarterly loss driven by a decline in Australian iron ore exports and mounting uncertainties linked to global trade tensions, tariffs, and macroeconomic volatility. All 12 of Himalaya Shipping’s newcastlemax bulk carriers, listed on both the Oslo and New York stock exchanges, are chartered on index-linked contracts, which exposed the fleet to the full impact of the depressed capesize spot market. Established to capitalize on modern fuel-efficient ship designs, Himalaya Shipping operates one of the youngest fleets in the sector, with a strategic focus on high-specification newcastlemax bulk carriers equipped with scrubbers and LNG-ready features. Tor Olav Troim-backed Oslo-listed shipowner and operator Himalaya Shipping positions itself as a premium tonnage provider, aiming to deliver long-term value through environmentally compliant and commercially agile shipping solutions, while leveraging market cycles and maintaining close alignment with leading commodity players. 22-May-2025
Lars-Christian Svensen has assumed the role of chief executive at the Tor Olav Troim-backed Norwegian shipping companies 2020 Bulkers and Himalaya Shipping, succeeding Herman Billung. Previously, Lars-Christian Svensen served as the chief commercial officer for these companies following his departure from the Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) in 2024. As of Tuesday, 2020 Bulkers and Himalaya Shipping welcomed Lars-Christian Svensen as their new CEO, as Herman Billung stepped down from the position. Herman Billung will continue his association with 2020 Bulkers, serving as a senior adviser to the Board of Directors. This leadership transition concludes a six-month handover period during which Lars-Christian Svensen held the role of chief commercial officer for both 2020 Bulkers and Himalaya Shipping, following his resignation. 5-April-2025
Oslo-listed shipowner Himalaya Shipping, backed by Tor Olav Troim, has converted contracts for two of its newcastlemax bulk carriers from index-linked charters to fixed-rate charters. The Norwegian shipping company Himalaya Shipping will transition the charters for the newcastlemax bulk carriers MV Mount Norefjell and MV Mount Hua to fixed-rate agreements beginning April 1, 2025, through December 31, 2025. The agreed fixed rate for the 2023-built newcastlemax bulk carrier MV Mount Norefjell is set at $32,000. Previously, MV Mount Norefjell concluded a fixed-rate time charter of $30,000 at the end of February 2025 before commencing an index-linked time charter with an option for conversion. Additionally, Himalaya Shipping, supported by Tor Olav Troim, confirmed the conversion rate for the 2024-built newcastlemax bulk carrier MV Mount Hua at $31,500. Both vessels, MV Mount Norefjell and MV Mount Hua, will continue to earn a scrubber premium under the terms of their existing time charter agreements. Following these conversions, the Oslo and NYSE-listed shipowner and operator Himalaya Shipping will operate a total of 10 newcastlemax bulk carriers under index-linked time charters. 15-March-2025
Norwegian shipping company 2020 Bulkers has secured a rare freight hedging deal for a newcastlemax bulk carrier amid a rising market. Analysts have praised the transaction for securing a strong premium compared to prevailing futures market rates. Tor Olav Troim-backed 2020 Bulkers has taken the unusual step of hedging freight for one of its newcastlemax bulk carriers. The Oslo-listed capesize bulk carrier owner announced that it has executed a forward freight agreement, effectively locking in a gross fixed rate of approximately $32,400 per day for one vessel during the second quarter of this year. This deal represents a 46% premium over prevailing capesize bulk carrier futures contracts for the second quarter, based on market closing figures from Thursday. 14-March-2025
Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers has reduced its January dividend due to a decline in profit for Q4 2024. 2020 Bulkers plans to conduct five-year special surveys on four bulk carriers in the first half of 2025. Newcastlemax owner 2020 Bulkers reported a decrease in profit for Q4 2024. The Oslo-listed shipowner 2020 Bulkers announced a net profit of $5.1m for Q4 2024. Norwegian shipping company 2020 Bulkers declared a reduced dividend of $0.03 per share. 13-February-2025
Tor Olav Troim-backed Oslo and NYSE-listed shipowner and operator Himalaya Shipping has found new employment for its newcastlemax bulk carrier MV Mount Norefjell, which is currently engaged in a fixed-time charter. Himalaya Shipping has committed to a 14-to-38-month index-linked time charter for the 2023-built newcastlemax bulk carrier MV Mount Norefjell, to commence following the vessel’s release from its current charterer at the end of February 2025. The newcastlemax bulk carrier MV Mount Norefjell, owned and operated by Himalaya Shipping, will receive an index-linked rate that surpasses the Baltic 5TC index by a greater margin than the average premium of 42.25% on Himalaya Shipping’s existing charters, with an option to switch to a fixed rate, according to Himalaya Shipping. The contract also features profit sharing that capitalizes on the operational efficiency of the MV Mount Norefjell’s scrubber or its use of LNG. With this recent agreement, all 12 of Himalaya Shipping’s newcastlemax bulk carriers, backed by Tor Olav Troim, will be operating under index-linked time charters. As of January 2025, Himalaya Shipping’s fleet of 11 newcastlemax bulk carriers on similar charters reported earnings of approximately $16,700 per day, inclusive of average daily gains from scrubbers and LNG, compared to the Baltic 5TC index’s average of $10,150. The newcastlemax bulk carrier MV Mount Norefjell has been fetching $30,000 per day since its delivery. Himalaya Shipping stands out in the shipping industry for its strong commitment to sustainability and innovation. The company has been a leader in integrating environmentally friendly technologies such as LNG propulsion and exhaust gas cleaning systems across its fleet, reflecting its dedication to reducing the environmental impact of maritime operations. Additionally, Himalaya Shipping prides itself on maintaining a young and technologically advanced fleet, which enhances operational efficiency and safety. The company’s strategic investments and proactive chartering approach have positioned it as a competitive and reliable partner in the global shipping market. 11-February-2025
Backed by Tor Olav Troim, 2020 Bulkers’ newly appointed CEO Lars-Christian Svensen recently acquired shares in the company following a 20% decline in stock price. After assuming the role of CEO at 2020 Bulkers in 2025, Lars-Christian Svensen invested $90,000 across 2020 Bulkers and Himalaya Shipping. On the same day, he purchased approximately $45,000 worth of stock in each company. The shares were bought at an average price of NOK 121.7 per share. Additionally, Lars-Christian Svensen, who also serves as the chief commercial officer for both 2020 Bulkers and Himalaya Shipping, demonstrated his confidence in both companies through these acquisitions. 2020 Bulkers is a prominent shipping company known for its innovative approach to the dry bulk sector. It operates a fleet of highly efficient bulk carriers designed to meet the global demand for transportation of commodities like iron ore, coal, and grain. The company, listed on the Oslo Stock Exchange, was established with a vision to revolutionize the bulk shipping industry through advanced vessel technology and optimized operations that prioritize environmental sustainability and operational efficiency. 2020 Bulkers has invested heavily in next-generation bulk carriers that incorporate features designed to reduce fuel consumption and decrease CO2 emissions, aligning with new international regulations aimed at reducing the shipping industry’s environmental footprint. 2020 Bulkers’ strategic focus extends beyond environmental compliance to embrace operational excellence. Each vessel in the fleet is equipped with the latest technology for safety and navigation, ensuring high standards of operational safety and efficiency. 2020 Bulkers also employs a sophisticated real-time data system that monitors and analyzes vessel performance, allowing for proactive maintenance and operational adjustments that further enhance efficiency and safety. Himalaya Shipping, similarly backed by notable industry figures, including Tor Olav Troim, mirrors the innovative approach of 2020 Bulkers but focuses on a slightly different segment of the maritime market. Established to capitalize on emerging opportunities in the global commodity trade, Himalaya Shipping specializes in the operation of larger vessels, primarily aimed at serving long-haul routes between Asia and major western markets. Like 2020 Bulkers, Himalaya Shipping places a strong emphasis on sustainability and has committed to implementing advanced environmental technologies in its ships, including scrubber systems and ballast water treatment systems that meet and exceed industry standards. Himalaya Shipping’s business model is built around leveraging economies of scale to reduce operating costs and enhance profitability while maintaining a high level of service reliability and flexibility. This strategy is supported by a management team that brings together years of industry expertise with a proactive approach to market dynamics, allowing the company to swiftly adapt to changes in market demand and trading patterns. Both companies’ focus on robust growth strategies, technological advancement, and market adaptability positions them well within the competitive landscape of the shipping industry. Their commitment to sustainability and efficiency not only enhances their operational profiles but also appeals to environmentally conscious investors and clients who are increasingly prioritizing green shipping options. As Lars-Christian Svensen steps into his role as CEO, his recent investments in 2020 Bulkers and Himalaya Shipping signal a strong belief in the companies’ strategic direction and future growth. Under his leadership, both companies are expected to continue their trajectory towards becoming leaders in their respective segments of the shipping industry, driven by innovative practices, operational excellence, and a clear focus on sustainable development. 3-December-2024
Oslo and NYSE-listed Himalaya Shipping, backed by Tor Olav Troim, has announced a reduction in its dividend, despite a consistently solid performance. Alongside this financial update, Himalaya Shipping has expanded its operational scope by acquiring a portion of the technical management division from another Tor Olav Troim-supported enterprise, 2020 Bulkers. This strategic acquisition aims to enhance the company’s technical management capabilities and efficiency. Despite recording another profitable quarter in Q3 2024, Himalaya Shipping has adjusted its monthly dividend downwards. Led by CEO Hermann Billung, the company manages a specialized fleet of 12 LNG dual-fuel newcastlemax dry bulk carriers, which represents a significant step towards sustainability in maritime transport. These innovative vessels are designed to reduce environmental impact by utilizing liquefied natural gas (LNG), aligning with global emissions standards and demonstrating Himalaya Shipping’s commitment to green shipping practices. For October 2024, Himalaya Shipping has set the monthly dividend at $0.04 per share, a reduction from the 10-cent dividend issued in September 2024. This adjustment reflects the company’s prudent financial management and strategic reallocation of resources towards long-term growth and fleet expansion. Himalaya Shipping’s commitment to modernizing its fleet and enhancing operational efficiency is evident in its recent investments and strategic decisions. The company continues to focus on strengthening its market position and maintaining financial health, ensuring it remains competitive in the dynamic global shipping industry. 7-November-2024
Tor Olav Troim-founded shipowners 2020 Bulkers and Himalaya Shipping are not anticipating a disappointing quarter, despite a downturn in capesize bulk carrier charter rates. Although Tor Olav Troim established both 2020 Bulkers and Himalaya Shipping, he is no longer a shareholder in 2020 Bulkers. Capesize bulk carrier spot rates have fallen to their lowest level in over six weeks. The companies, both initiated by Norwegian shipowner Tor Olav Troim, shared via twin tweets that there are minimal indications of underwhelming capesize bulk carrier spot rates for Q4 2024. Meanwhile, the capesize bulk carrier spot market and dry freight futures have experienced a decline. 2020 Bulkers and Himalaya Shipping, both based on the visionary leadership of Tor Olav Troim, are known for their modern fleets and strategic approach to maritime logistics. 2020 Bulkers, specifically, has garnered attention for its fleet of efficient and technologically advanced capesize vessels, which primarily transport bulk commodities such as iron ore and coal. On the other hand, Himalaya Shipping focuses on a similar market segment but is relatively newer, having been launched with a vision to capitalize on the growing demand for environmentally friendlier and more efficient shipping solutions. 2020 Bulkers and Himalaya Shipping have positioned themselves well in the global shipping industry, leveraging cutting-edge technology and innovative ship design to optimize their operations and reduce environmental impact. Their proactive strategies in market analysis and customer engagement have enabled them to maintain strong positions even amidst fluctuating market conditions. The leadership underlines a commitment to sustainability and efficiency, aligning their operations with international standards and future market trends. 15-October-2024
Maersk and Tor Olav Troim-led Himalaya Shipping find themselves at opposite ends of the latest credit rankings by Clarkson Securities, a subsidiary of the London-based Clarkson PLC, the world’s largest shipbroker. Clarkson Securities, the investment banking division of Clarkson, notes that listed shipowners are still performing robustly, particularly in the tanker and bulk carrier sectors. Clarksons Securities has released its latest assessment of the financial health of listed shipowners, placing a well-recognized name at the forefront. The analysis, conducted by managing directors Jonas Bito Shum and Frode Morkedal, indicates that the financial state of these shipowners is generally robust. This third quarterly report from Clarkson Securities continues to project a positive outlook for the shipping industry, despite prevailing macroeconomic uncertainties. 14-October-2024
John Fredriksen-backed, Bermuda-registered, and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) is experiencing a significant change in leadership. The company’s outgoing CEO, Lars-Christian Svensen, has been appointed to lead Tor Olav Troim-backed, Oslo and NYSE-listed companies Himalaya Shipping and 2020 Bulkers. Lars-Christian Svensen is set to join Himalaya Shipping and 2020 Bulkers initially as the Chief Commercial Officer this coming September. His journey will then elevate him to the position of CEO for 2020 Bulkers and functioning CEO of Himalaya Shipping in April 2024, succeeding Herman Billung, who is retiring but will continue to serve as a special advisor for both companies. Prior to this new role, Svensen held the position of Chief Commercial Officer at Golden Ocean Group (GOGL) and has a robust background in the shipping industry. His experience includes roles such as Senior Vice President in Norway and President of US trading activities in Seattle for one of the largest supramax bulk carrier operators, Oslo-headquartered Western Bulk Chartering (WBC). Before that, Svensen was a downstream analyst for Petredec and a tanker shipbroker for Cmarine Services in Singapore. Commenting on his new appointments, Lars-Christian Svensen expressed enthusiasm, stating, “I am very pleased to join 2020 Bulkers and Himalaya Shipping, two of the most modern Newcastlemax shipowners in the world. With the most efficient fleet in this segment, Himalaya Shipping and 2020 Bulkers hold a strategic advantage that I hope to further develop in my new role.” Herman Billung, the outgoing CEO, also commented on Svensen’s capabilities, noting, “I am happy that Lars-Christian Svensen has decided to join what I firmly believe will be a very interesting journey in the years to come. I have learned to know him as an energetic and knowledgeable person, who I believe is the right person for the job at Himalaya Shipping and 2020 Bulkers.” This leadership transition marks a pivotal moment for both companies as they continue to navigate and expand in the global shipping market. 12-June-2024
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping plans to boost dividend payments as the last new building newcastlemax bulk carrier joins the fleet. Currently, Norwegian shipowner Himalaya Shipping operates 11 LNG dual-fuel newcastlemax dry bulk carriers on the water. Himalaya Shipping intends to distribute more cash to shareholders as it takes delivery of its final newcastlemax bulk carrier new building. Himalaya Shipping announced that it has taken over the operation of the 11th in a series of 12 LNG dual-fuel newcastlemax dry bulk carriers from New Times Shipyard. The final 210K DWT LNG dual-fuel newcastlemax dry bulk carrier will be delivered at the beginning of July 2024. 7-June-2024
Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers has been described as an unstoppable dividend machine in the dry bulk sector, with Fearnley Securities projecting even more returns for shareholders, thanks to the company’s low cash breakeven point. Listed on the Oslo Stock Exchange, 2020 Bulkers has consistently rewarded its shareholders, earning praise from Fearnley Securities. With a fleet of six modern newcastlemax bulk carriers, 2020 Bulkers distributed dividends totaling $1.99 per share in Q1 2024, as reported by analyst Fredrik Dybwad. This substantial payout included $1.79 per share from a one-time distribution, which stemmed from the sale of two newcastlemax bulk carriers. This financial strategy underscores 2020 Bulkers’ robust performance and its commitment to delivering shareholder value. 15-May-2024
2020 Bulkers has announced a special dividend distribution, channeling profits from a recent ship sale back to its investors. Furthermore, the Newcastlemax vessel owner has restructured a term loan, achieving lower daily breakeven points. Utilizing the revenue from the disposal of two Newcastlemax bulk carriers at the start of the year, 2020 Bulkers is rewarding its shareholders with a special dividend while also reducing its outstanding debt. The company, listed on the Oslo stock exchange, disclosed on Tuesday its plan to pay $1.68 per share, amounting to a total of $38 million to its investors. In mid-February, 2020 Bulkers completed the sale of two five-year-old Newcastlemax bulk carriers, constructed in China, for a collective sum of approximately $128 million to the Athens-based shipowning and operating firm, Neda Maritime. 10-April-2024
Norwegian investment bank Pareto Securities considers Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping an attractive investment as it initiates coverage on the company. Himalaya Shipping’s share price has increased to USD 8.4, aiming for a target price of USD 11. Pareto Securities has started its analysis of Himalaya Shipping with a “buy” recommendation and a target price of USD 11. Supported by Tor Olav Troim, Himalaya Shipping is identified by Pareto Securities as the most leveraged shipowner in the dry bulk market. 8-April-2024
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has reported its inaugural year of profitability. Himalaya Shipping, which owns newcastlemax bulk carriers, currently operates nine vessels of this type, with an additional three newcastlemax bulk carriers scheduled for delivery. 2023 was a significant year for Himalaya Shipping, marked by the reception of its first newcastlemax bulk carriers and the successful completion of its Initial Public Offering (IPO) on the New York Stock Exchange. In a noteworthy milestone, Himalaya Shipping has announced its first-ever dividend, set at $0.01 per share for January. The company, enjoying a dual listing in Oslo as well, achieved a net profit of $4.6 million, underscoring a prosperous end to 2023 and highlighting its growing presence and financial health within the maritime sector. 17-February-2024
Norwegian shipping company 2020 Bulkers has announced the sale of two of its 2019-built newcastlemax bulk carriers, the MV Bulk Shanghai and MV Bulk Seoul, to an independent third party for a total of $127.5 million. The sale, endorsed by Tor Olav Troim-backed 2020 Bulkers, involves newcastlemax bulk carriers that are part of a sale and leaseback deal with Ocean Yield. 2020 Bulkers executed its option with Ocean Yield to proceed with the sale. Norwegian shipping company 2020 Bulkers will continue to benefit from the operating cash flow of these ships until the transaction’s closure, anticipated by May 1, 2024. With an expectation of completing two additional China-Australia round trips within this period, and based on current FFA (Forward Freight Agreement) projections, the cash flow is estimated to reach about $3.5 million. Upon finalizing this deal, 2020 Bulkers is set to recognize a net book gain of roughly $40 million. This transaction will also lower the company’s daily cash breakeven point by $1,900 to $14,500 and reduce the average gross debt per newcastlemax bulk carrier from $25.7 million to about $23.7 million. Post-sale, Norwegian shipping company 2020 Bulkers will evaluate how best to utilize the net proceeds, considering options like further debt reduction or returning capital to shareholders. After selling the MV Bulk Shanghai and MV Bulk Seoul, 2020 Bulkers’ fleet will comprise two 2019-built carriers, the MV Bulk Sandefjord and MV Bulk Santiago, alongside four 2020-built carriers: the MV Bulk Shenzhen, MV Bulk Sydney, MV Bulk Sao Paulo, and MV Bulk Santos. 12-February-2024
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping is adapting its strategy for the initial six months of the year by converting the charters of two bulk carriers to fixed-rate agreements, in anticipation of a period where more than half of the newcastlemax fleet is expected to barely surpass their daily breakeven costs in the upcoming month and the following one. Herman Billung, serving as the CEO of both Himalaya Shipping and 2020 Bulkers, the latter providing technical management services to Himalaya Shipping, has overseen this strategic adjustment. The index-linked charters for two of Himalaya Shipping’s newcastlemax bulkers, the 2024-built 208K DWT MV Mount Bandeira and the 2024-built 208K DWT MV Mount Hua, were switched to fixed-rate employment starting from 1 February 2024, right after their delivery from New Times Shipbuilding in China. These charters are set to return to variable rates post-30 June 2024. The Oslo-listed Himalaya Shipping has yet to disclose the specific rates agreed upon for these contracts. 9-February-2024
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping recently undertook a private placement to secure funding for its newcastlemax bulker newbuildings, successfully raising $17.5 million. The New York and Oslo-listed Himalaya Shipping announced that it issued 3.1 million new shares priced at $5.60 each. This pricing was slightly below the trading price of $5.79 observed on Wednesday morning. The private placement, targeted at both Norwegian and international investors, received an enthusiastic response and was significantly oversubscribed. This strong interest reflects investor confidence in Himalaya Shipping’s growth and expansion plans, particularly in its newcastlemax bulk carriers, which represent a significant segment of the shipping industry. The successful fundraising marks a notable milestone for Himalaya Shipping in its strategic development. 13-December-2023
Tor Olav Troim-backed 2020 Bulkers has recently shifted four (4) of its newcastlemax bulk carriers from index-linked charters to fixed-rate hires. This Oslo-listed 2020 Bulkers has set fixed rates for the 2019 built newcastlemax bulk carrier MV Bulk Sandefjord and the 2020 built newcastlemax bulk carrier MV Bulk Shenzhen, MV Bulk Sydney, and MV Bulk Santos, covering the period from December 2023 to the end of March 2024, including the benefits from their equipped scrubbers. In detail, three (3) of these newcastlemax bulk carriers have been fixed for the period between December 2023 and March 2024 at daily rates of $20,841 and $19,177, respectively. Additionally, all four (4) newcastlemax bulk carriers will earn a fixed daily rate of $19,831 in January and February. Magnus Halvorsen, the chairman of Norwegian shipowner and operator 2020 Bulkers, stated that 2020 Bulkers has successfully secured 45% of its available ship days for the first quarter of 2024 at an average rate of $19,650 per day. This rate includes the additional earnings from scrubber benefits and is notably higher than 2020 Bulkers’ current cash breakeven point, estimated at $16,400 per day. Magnus Halvorsen highlighted that the Q1 2023 is usually a slower season in the capesize market. Given the positive supply and demand outlook for the remainder of 2024, 2020 Bulkers plans to maintain a substantial exposure to the spot market for the rest of the year. Tor Olav Troim-backed 2020 Bulkers owns a fleet of eight (8) scrubber-fitted newcastlemax bulk carriers. Notably, three (3) of the newcastlemax bulk carriers involved in these fixed-rate deals are under charter with Koch Shipping, a Singapore-based firm, until the end of 2026, with options to extend for an additional 12 months. 29-November-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has announced that the entire fleet of the company has been chartered out to four different parties. In a notable development, Himalaya Shipping, Herman Billung-led Norwegian shipowner, has finalized leaseback agreements for its latest newcastlemax bulk carriers, marking a strategic move away from acquiring new bulk carriers. Himalaya Shippingreported a loss but also revealed that it has secured Chinese lease financing deals for two of its newest newcastlemax bulk carriers. These newcastlemax bulk carriers, the 208K deadweight tonnage (DWT) MV Mount Matterhorn and MV Mount Neblina, were recently delivered from New Times Shipyard in China. Their addition has expanded Himalaya Shipping’s fleet to six (6) newcastlemax bulk carriers. Looking ahead, Himalaya Shipping anticipates the delivery of six more newcastlemax bulk carriers in 2024. This expansion reflects the Himalaya Shipping’s continued investment in growing and updating its fleet to meet the demands of the global shipping market. 17-November-2023
Norwegian shipowner 2020 Bulkers, a newcastlemax shipping company backed by Tor Olav Troim, continues its winning streak by posting a profit for every quarter since its inception in 2019. Despite a slight dip in profitability, the Oslo-listed 2020 Bulkers remains consistent in its earnings performance. In the Q3 2023, 2020 Bulkers reported a net profit of $5.2 million, compared to $7.3 million during the Q3 2022. This decline in earnings can be attributed to a decrease in revenue, which amounted to $17 million, down from $18.7 million in previous year. 8-November-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has successfully secured employment for its entire fleet of LNG-fuelled newcastlemax dry bulk carriers. They recently finalized a new charter agreement for one of their LNG-fuelled newcastlemax dry bulk carriers, which is currently under construction in China. This newcastlemax dry bulk carrier, one of 12 LNG dual-fuel newcastlemax dry bulk carriers has been chartered to a major Japanese shipping and logistics company for two years. The charter is expected to commence in the Q2 2024, following the LNG-fuelled newcastlemax dry bulk carrier’s delivery from New Times Shipyard. Under this charter, the LNG-fuelled newcastlemax dry bulk carrier will earn an index-linked rate, with a significant premium over the Baltic 5TC index. There is also an option to convert the charter to a fixed-rate agreement. Additionally, the time charters include a profit-sharing arrangement related to the economic benefits derived from operating the LNG-fuelled newcastlemax dry bulk carrier’s scrubber or utilizing LNG as a fuel source. Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has also extended the charters for an additional six (6) LNG-fuelled newcastlemax dry bulk carriers with a major commodity trader, securing their employment until the Q4 2026. With this latest agreement, Himalaya Shipping’s fleet comprises one newcastlemax dry bulk carrier under a fixed-time charter and the rest under index-linked charters. So far, six (6) LNG-fuelled newcastlemax dry bulk carriers have been delivered, and the remaining six (6) are expected to join the fleet by the Q3 2024. Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping is pleased with the market-leading premiums its LNG-fuelled newcastlemax dry bulk carriers are achieving and the continued commitment of its counterparts, which reflects the quality of its fleet and the experience gained from trading these newcastlemax dry bulk carriers. Himalaya Shipping’s straightforward structure, featuring index-linked charters with substantial premiums and low general and administrative costs, along with financing with seven-year fixed bareboat rates, positions the Himalaya Shipping well to deliver strong returns to its shareholders. 26-October-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has secured time charter agreements for two (2) of its LNG-fuelled newcastlemax bulk carriers with an undisclosed major commodity trading company. Two LNG-fuelled newcastlemax bulk carriers are set to commence a two year time charter with an evergreen structure once they are delivered from the New Times Shipyard in the Q1 2024. The charter rate will be index-linked, earning a rate that reflects a significant premium over the Baltic Exchage 5TC index. Additionally, there will be a profit-sharing arrangement for any economic benefits derived from the operation of the LNG-fuelled newcastlemax bulk carriers’ scrubber or its use of LNG. The charterer also has certain rights to convert the time charters to fixed rates based on the prevailing FFA curve periodically. While Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping did not specify which newcastlemax bulk carriers were included in this charter agreement, based on the company’s delivery schedule, the most probable candidates are the 210K DWT MV Mount Hua and MV Mount Elbrus, expected to be delivered in Q1 2024. Himalaya Shipping’s other three (3) LNG-fuelled newcastlemax bulk carrier new buildings are slated for delivery in Q1 2024. Furthermore, Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping mentioned that one of its newcastlemax bulk carriers has been fixed on a fixed time charter. The ten LNG-fuelled newcastlemax bulk carriers that are fixed on index-linked charters are projected to earn an average premium of 42% over the Baltic Exchage 5TC index. 9-October-2023
Despite outpacing the Baltic Exchange Index, Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping finds itself hemorrhaging funds amidst bulker rates. CEO Herman Billung-led shipowner and operator Himalaya Shipping’s fleet average for August languishes beneath the break-even threshold. Norway’s maritime entity, Himalaya Shipping, might surpass rate benchmarks, yet it lingered beneath profitability in the recent month. The enterprise, bolstered by Tor Olav Troim, and renowned for its state-of-the-art dual-fuel newcastlemax bulk carriers, reported an average TCE (time charter equivalen) for August at a sum of $20,800 daily, a decline from July’s $22,300. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers. 16-September-2023
Norwegian shipowner 2020 Bulkers witnessed a dip in profits during Q2 2023, attributing the decline to an underwhelming freight market. Although Tor Olav Troim-backed 2020 Bulkers posted profits for the quarter, the results are notably subdued compared to the same period last year, particularly for capesize and newcastlemax bulk carriers. During this period, six out of the eight newcastlemax bulk carriers under the 2020 Bulkers’ fleet were operating on index-linked contracts. 16-August-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping unveils inaugural financial outcomes subsequent to the delivery of LNG-fuelled newcastlemax bulk carriers and the company’s New York IPO (Initial Public Offering). Oslo and NYSE-listed shipowner and operator Himalaya Shipping recently announced its maiden financial statements in its new capacity as a comprehensive maritime operator, post the procurement of four state-of-the-art LNG-fuelled newcastlemax bulk carriers in H1 2023. Himalaya Shipping reported a net deficit of $1.1 million. 9-August-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping-controlled bulk carriers start LNG bunkering as prices fall. Himalaya Shipping invested heavily in LNG dual-fuel newcastlemax bulk carriers. The LNG price is right for Himalaya Shipping’s dual-fuel newcastlemax bulk carriers. A dramatic fall in LNG prices has meant that two of Himalaya Shipping’s dual-fuel newcastlemax bulk carriers have been able to bunker with LNG marine fuel for the first time. Himalaya Shipping-controlled 2023 built newcastlemax bulk carrier 210K DWT MV Mount Norefjell and 2023 built newcastlemax bulk carrier 210K DWT MV Mount Matterhorn have loaded LNG bunkers in Singapore within the past few days. 2-August-2023
Tor Olav Troim-backed Oslo-listed Himalaya Shipping and 2020 Bulkers experienced a decline in their profits in the month of June 2023. However, Himalaya Shipping and 2020 Bulkers continue to outperform the Baltic Exchange’s standard index, while still providing commendable returns. Oslo and NYSE-listed Himalaya Shipping achieved an average daily income of $23,100 through TC (time charters), witnessing a decrease from the preceding month’s figure of $28,300. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers. 13-July-2023
Tor Olav Troim-backed Oslo-listed Himalaya Shipping CFO Vidar Hasund steps down, accountancy role moves to London. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping has made some staff changes following the resignation of the company’s CFO (chief financial officer) that will see oversight of its financial affairs moved from Oslo to London. Vidar Hasund resigned as Bermuda-registered shipowner Himalaya Shipping’s contracted CFO (chief financial officer) on Saturday but Vidar Hasund will continue in the same role at 2020 Bulkers, which has a management agreement in place with Himalaya Shipping. Vidar Hasund will still be available as an advisor to Himalaya Shipping’s board and the management team. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding. 3-July-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping chartered out two (2) more LNG dual-fuel newcastlemax newbuildings bulk carriers at a record rate. Himalaya Shipping chartered out two (2) LNG dual-fuel newcastlemax newbuildings for between 22 and 26 months on delivery from New Times Shipyard in China in January and July 2024. CEO Herman Billung-led Himalaya Shipping now has covered for nine (9) of its twelve (12) newcastlemax bulk carrier newbuildings. 7-June-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping took the delivery of LNG-fuelled newcastlemax bulk carrier 208K DWT MV Mount Etna. Himalaya Shipping took the delivery of LNG-fuelled newcastlemax bulk carrier MV Mount Etna slightly ahead of schedule from New Times Shipbuilding. Currently, CEO Herman Billung-led Himalaya Shipping has three (3) LNG-fuelled newcastlemax bulk carriers on the water. Himalaya Shipping will take nine (9) LNG-fuelled newcastlemax bulk carriers in the future. Tor Olav Troim-backed Oslo-listed Himalaya Shipping is taking the dual-fuel newcastlemax bulk carriers barely ahead of schedule. LNG-fuelled newcastlemax bulk carrier 208K DWT MV Mount Etna will begin a minimum two-year time charter period that has been fixed at an index-linked rate in the region of 140% over the Baltic Capesize Index (BCI). MV Mount Etna will not be expected to operate on LNG bunkers presently. Himalaya Shipping will soon have a fleet of 12 LNG-fuelled newcastlemax bulk carriers. 17-April-2023
Tor Olav Troim-backed Oslo-listed Himalaya Shipping completed its IPO (Initial Public Offering) on New York Stock Exchange. CEO Herman Billung-led Himalaya Shipping covered its IPO (Initial Public Offering) of shares in New York Stock Exchange on Friday by closing a book that was oversubscribed by three times. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping expressed the book was built with commitments from large institutional and long-only investors, all of whom seem knowledgeable and comfortable with dry bulk shipping. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding. 4-April-2023
Tor Olav Troim-backed Oslo-listed Himalaya Shipping expressed investors will pay $5.80 for each of the 7.72 million shares in a deal closing on 4 April 2023. CEO Herman Billung-led Himalaya Shipping schedules for an IPO (Initial Public Offering) on New York Stock Exchange. Himalaya Shipping has priced its New York Stock Exchange IPO (Initial Public Offering) to raise at least $40.5 million. Himalaya Shipping will use cash to finance newbuildings and maintain liquidity. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding. 3-April-2023
Tor Olav Troim-backed Oslo-listed Himalaya Shipping schedules for an IPO (Initial Public Offering) on New York Stock Exchange. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping sets sights on $45 million peak for an IPO (Initial Public Offering) on New York Stock Exchange. CEO Herman Billung-led Himalaya Shipping expects to utilize cash for loan repayments and scrubber installations to the fleet. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding. Himalaya Shipping will get the delivery of 12 LNG-fuelled newcastlemax bulk carriers starting in Q3 2023. Tor Olav Troim-backed Oslo-listed Himalaya Shipping is expecting to not only expand the company’s public listing from Oslo to New York but also make some additional cash as a consequence. Himalaya Shipping is targeting $45 million in proceeds from selling new shares on the New York Stock Exchange. 29-March-2023
Oslo OTC Market-listed (Over the Counter) 2020 Bulkers reported an Average TCE (Time Charter Equivalent) income of $15,800 per day in February, down from $16,500 in January 2023. Norwegian shipowner 2020 Bulkers has increased earnings from fixed-rate charters as index-linked returns fall for the company’s bulk carriers. Fixed time charter switches begin to make sense for Tor Olav Troim-backed 2020 Bulkers. Newcastlemax bulk carriers’ earnings from fixed contracts increase as index-linked returns plunge. The two (2) newcastlemax bulk carriers trading on index-linked time charters collected $9,500 per day in February 2023, including average daily scrubber benefits of $3,500, compared with four (4) newcastlemax bulk carriers on index-linked deals that earned $15,900 in January 2023. Currently, Norwegian shipowner 2020 Bulkers has a fleet of eight (8) newcastlemax bulk carriers. 8-March-2023
Tor Olav Troim-backed 2020 Bulkers chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Santos and 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo on index-linked charterparties. Oslo OTC Market-listed (Over the Counter) 2020 Bulkers chartered out MV Bulk Sao Paulo and MV Bulk Santos for around two (2) years. Norwegian shipowner 2020 Bulkers is a pure newcastlemax shipowner. 2020 Bulkers will deliver MV Bulk Sao Paulo and MV Bulk Santos in April 2023 to a European charterer and will collect index-linked hire payments until June 2025. Tor Olav Troim-backed 2020 Bulkers has a sister-company Himalaya Shipping which is also Oslo OTC Market-listed (Over the Counter). 20-January-2023
Bermuda-registered shipowner Himalaya Shipping Ltd. may sell some of the company’s LNG-fuelled newcastlemax newbuildings if dry bulk markets fall short of predictions. Oslo OTC (Over the Counter) Market-listed shipowner Himalaya Shipping Ltd.’s cash position of $4 million at the end of June 2022 seems a little tight. Nevertheless, Tor Olav Troim-backed Oslo-listed shipowner Himalaya Shipping has $15 million of a revolving credit facility still untouched. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding. 15-October-2022
Tor Olav Troim-backed Oslo-listed Himalaya Shipping chartered out twelve (12) LNG-fuelled newcastlemax bulk carriers over three years at record charter rates to a prominent commodity trader. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping reported that newcastlemax bulk carriers would earn a substantial premium to the Baltic Exchange Index. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding. Himalaya Shipping signed the deal with options for an additional one year. 7-October-2022
Tor Olav Troim-backed Oslo-listed Himalaya Shipping decided to fit scrubbers to its entire fleet of kamsarmax bulk carrier new buildings under construction at New Times Shipyard. Norwegian shipowner Himalaya Shipping opts for scrubbers on twelve (12) kamsarmax bulk carrier new buildings. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping signed an agreement with New Times Shipyard to install the exhaust gas cleaners (scrubbers) on the twelve (12) kamsarmax bulk carrier new building without any delay in delivery dates. Himalaya Shipping announced that the company contracted at attractive prices and payment terms for scrubber installations. Himalaya Shipping is the private bulk carrier company of Tor Olav Troim. $30 million will be used for Himalaya Shipping’s twelve (12) newbuilding orders of LNG-fuelled newcastlemax bulk carriers. Twelve (12) newbuilding 208K DWT LNG-fuelled newcastlemax bulk carriers will cost around $820 million in total. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding. 26-August-2022
Oslo OTC Market-listed (Over the Counter) 2020 Bulkers reported a net profit of 12 million in Q2 2022. In Q2 2021, 2020 Bulkers reported a net profit of 17 million. 2020 Bulkers reported revenue of $23.3 million in Q2 2022. In Q2 2021, 2020 Bulkers reported revenue of $28.4 million. Tor Olav Troim-backed 2020 Bulkers reports a profit decline amid international economic worries and a fall in Brazilian iron ore exports. These mostly affected newcastlemax shipowners. Norwegian shipowner 2020 Bulkers is a pure newcastlemax shipowner. Norwegian shipowner 2020 Bulkers reported a decline in profits in Q2 2022, caused by the decline in long-haul Brazilian iron ore exports. Tor Olav Troim-backed 2020 Bulkers described the newcastlemax market as unseasonably weak during Q3 so far. Tor Olav Troim-backed 2020 Bulkers has a sister-company Himalaya Shipping which is also Oslo OTC Market-listed (Over the Counter). 19-August-2022
Tor Olav Troim-backed 2020 Bulkers moved tax base to Norway from Bermuda. Furthermore, Oslo OTC Market-listed (Over the Counter) 2020 Bulkers refreshed BOD (Board of Directors) members. Oslo-based shipowner 2020 Bulkers appointed Viggo Bang-Hansen as a BOD (Board of Directors) member and two (2) BOD (Board of Directors) members have stepped down. Norwegian shipowner 2020 Bulkers has moved the company’s tax domicile to Norway and has appointed a new member to its board. Currently, Norwegian shipowner 2020 Bulkers owns and operates newcastlemax bulk carriers. Tor Olav Troim-backed sister company Himalaya Shipping reported financial results for Q2 2022. Currently, Himalaya Shipping has been trading on the Oslo OTC (Over the Counter) Market. 11-August-2022
Oslo-listed Himalaya Shipping signed sale-and-leaseback financing for eight (8) LNG-fueled newcastlemax bulk carriers under construction at New Times Shipyard. The new financing covers the remaining installments to the New Times Shipyard. Sale-and-leaseback financing for eight (8) LNG-fueled newcastlemax bulk carriers covers seven (7) years after the vessels are delivered. The latest deal represents that Himalaya Shipping has completely financed the company’s twelve (12) LNG-fueled newcastlemax bulk carrier newbuildings. Tor Olav Troim-led Himalaya Shipping has a ship purchase option for the LNG-fueled newcastlemax bulk carriers at specific dates in the future. Sale-and-leaseback financing covers both pre and post-delivery financing. Oslo-listed Himalaya Shipping will start taking delivery of LNG-fueled newcastlemax bulk carriers in Q3 2023. Himalaya Shipping’s LNG-fueled newcastlemax bulk carriers will be able to do a full round-voyage from Brazil to China both on LSFO and LNG. Tor Olav Troim-led Himalaya Shipping is paying around $68 million for each LNG-fueled newcastlemax bulk carriers. In October 2021, Himalaya Shipping’s sister company 2020 Bulkers signed an agreement to deliver technical management of Himalaya Shipping’s LNG-fueled newcastlemax bulk carrier newbuildings. 27-April-2022
Norwegian shipowner 2020 Bulkers has converted index-linked 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen to a fixed-rate contract. Previously, Tor Olav Troim backed 2020 Bulkers chartered out MV Bulk Shenzhen to Koch Logistics for a long-term index-linked charter. Koch Logistics will pay $32,378 per day till the end of 2022. Furthermore, 2020 Bulkers has converted another index-linked 2019 built newcastlemax bulk carrier 208K DWT MV Bulk Shanghai to a $30,905 per day fixed-rate contract. Norwegian shipowner 2020 Bulkers chartered out both MV Bulk Shenzhen and MV Bulk Shanghai to Koch Logistics. The contract modifications for 208K DWT MV Bulk Shenzhen and 208K DWT MV Bulk Shanghai were completed at rates of 16% more than 2021. Currently, newcastlemax bulk carrier rates have gone down greatly due to seasonal weaknesses. However, 2020 Bulkers is still optimistic about the dry bulk market. In 2021, 2020 Bulkers reported a net income of $70 million. Tor Olav Troim backed 2020 Bulkers paid out a total of $63 million in dividends during 2021 overall. 28-January-2022
Tor Olav Troim-led Himalaya Shipping will award $4 million worth of stock options as an incentive to top executives to move the share price up to $8 for each stock. Himalaya Shipping’s top executives will receive stock options if the company’s share price reaches $8 until 2026. Currently, Himalaya Shipping has been traded on the Oslo OTC Market (Over the Counter) Market. Tor Olav Troim also backs 2020 Bulkers. Himalaya Shipping is planning to list on the Euronext Growth Exchange. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding. Himalaya Shipping will get the delivery of 12 LNG-fuelled newcastlemax bulk carriers starting in Q3 2023. 14-December-2021
Himalaya Shipping has applied to be listed on Norway’s Euronext Growth Exchange. Currently, Himalaya Shipping is trading on the OTC Market (Over the Counter) Market. Tor Olav Troim-led Himalaya Shipping has twelve (12) LNG-fueled newcastlemax bulk carriers on order at New Times Shipbuilding. Himalaya Shipping will receive the delivery of twelve (12) LNG-fueled newcastlemax bulk carriers in Q3 2023. Furthermore, Tor Olav Troim backs 2020 Bulkers. Himalaya Shipping will be listed on Norway’s Euronext Growth Exchange in Q1 2022. Tor Olav Troim-backed Himalaya Shipping and 2020 Bulkers are anticipated to have the same business type, with payments of regular dividends. Various operators have been asking to charter Himalaya Shipping’s bulk carriers. Tor Olav Troim-led Himalaya Shipping desires charter out twelve (12) LNG-fueled newcastlemax bulk carriers for index-related charters. Well-known charterers have been glad to spend a bonus on the Himalaya Shipping’s LNG-fueled newcastlemax bulk carriers due to environmental factors. Himalaya Shipping anticipates yielding handsome returns on the extra $15 million LNG-fueled newcastlemax bulk carriers cost compared to a traditional newcastlemax bulk carriers with the scrubber. 10-December-2021
Tor Olav Troim-led Himalaya Shipping raised $30 million in a private arrangement of shares in Oslo. Himalaya Shipping is the private bulk carrier company of Tor Olav Troim. $30 million will be used for Himalaya Shipping’s twelve (12) newbuilding orders of LNG-fuelled newcastlemax bulk carriers. Twelve (12) newbuilding 208K DWT LNG-fuelled newcastlemax bulk carriers will cost around $820 million in total. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding. Himalaya Shipping plans an opening to public markets by securing a listing in Oslo’s OTC (Over-the-Counter) market, the same as Tor Olav Troim-backed 2020 Bulkers which is the publicly listed newcastlemax bulk carrier owner. Himalaya Shipping is eventually anticipated to go for a full public listing on the Oslo Stock Exchange (OSE). 2020 Bulkers’ investors have been notified that Tor Olav Troim’s company Drew Holdings will transfer capital in the firm to Himalaya Shipping. In 2017, Tor Olav Troim-backed 2020 Bulkers ordered eight (8) newbuilding 208K DWT newcastlemax bulk carriers at New Times Shipbuilding. Tor Olav Troim-backed Himalaya Shipping and 2020 Bulkers are anticipated to have the same business type, with payments of regular dividends. 14-July-2021
Tor Olav Troim-backed 2020 Bulkers chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen to Koch Shipping for around 2 years. Koch Shipping is the shipping arm of Koch Supply & Trading. Norwegian shipowner 2020 Bulkers chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen for an index-linked rate, in other words, premium to the Baltic Exchange’s 5TC index which is the weighted average of spot rates on five key routes. On 20 March 2021, Norwegian shipowner 2020 Bulkers chartered out other 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shanghai to Koch Shipping for around 2 years. Norwegian shipowner 2020 Bulkers’ six (6) newcastlemax bulk carriers are on long-term charter to Koch Shipping. Norwegian shipowner 2020 Bulkers chartered out the remaining two (2) newcastlemax bulk carriers 2020 built 208K DWT MV Bulk Sao Paulo and 2020 built 208K DWT MV Bulk Santos to Glencore until 2023. 2020 Bulkers chartered out MV Bulk Sao Paulo and MV Bulk Santos for around $27K per day. Currently, 2020 Bulkers is concentrated on maximizing the profits and returning dividends to shareholders. 7-April-2021
Norwegian shipowner 2020 Bulkers reported a net profit of $11.1 million for 2020. Oslo-listed shipowner 2020 Bulkers took delivery of its first ship in August 2019. 2020 Bulkers year-end result was raised by the Q4 2020. 2020 Bulkers had substantial fleet earnings in Q4 2020. Norwegian shipowner 2020 Bulkers announced a dividend of $0.17 per share for October, November, and December 2020. Only in June 2020, 2020 Bulkers stopped dividend payments to shareholders due to post coronavirus recession. In Q4 2020, 2020 Bulkers announced off-hire days for 2 days in the due to ships deviating for crew changes. In Q4 2020, 2020 Bulkers reported time-charter revenues of $14.6 million. In Q1 2021, 2020 Bulkers’ gross average earnings have risen to around $28,500 per day. In November 2020, 2020 Bulkers’ shares were transferred from the Oslo Axess market to the main board of the Oslo Stock Exchange. Recently, Norwegian shipowner 2020 Bulkers has chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen for around $18,500 per day. 27-January-2021
Oslo OTC Market-listed (Over the Counter) 2020 Bulkers’ two remaining newcastlemax bulk carriers delivery could be delayed following the declaration of force majeure at Chinese shipyards due to coronavirus. Tor Olav Troim-backed 2020 Bulkers announced the possible setback as the company reported a slight net loss for 2019. Norwegian shipowner 2020 Bulkers is still awaiting delivery of two (2) newcastlemax bulk carriers from New Times Shipyard. Two (2) newcastlemax bulk carriers are planned to enter the company’s fleet of six (6) other newcastlemax bulk carriers by May. Tor Olav Troim-backed 2020 Bulkers may encounter delay in the delivery of the last two (2) newcastlemax bulk carrier newbuildings. Before the force majeure declaration at the Chinese shipyard New Times Shipyard, the building of the remaining two (2) newcastlemax bulk carrier newbuildings was around one month ahead of the contractual delivery program. Oslo OTC Market-listed (Over the Counter) 2020 Bulkers reported a $1.2 million profit for Q4 2019. Norwegian shipowner 2020 Bulkers started earning revenue for the first time in 2019 as four (4) of the company’s eight (8) newcastlemax bulk carriers were delivered from the New Times Shipyard and started long-term time charters. In 2019, Tor Olav Troim-backed 2020 Bulkers reported a net loss of $400K for the full. 2019’s loss was due to increased levels of operating and financial expenses that more than offset the company’s earnings. Oslo OTC Market-listed (Over the Counter) 2020 Bulkers has declared a cash dividend of $0.03 per share for January 2020. Norwegian shipowner 2020 Bulkers’ operating revenue for the full year 2019 was $9.1 million from the company’s six (6) newcastlemax bulk carriers’ time-charter employment. In Q4 2019, Norwegian shipowner 2020 Bulkers reported an Average TCE (Time Charter Equivalent) gross earnings of around $24,100 per day. In Q4 2019, Norwegian shipowner 2020 Bulkers reported net financial expenses of $1.2 million. In October 2019, Norwegian shipowner 2020 Bulkers signed a sale-and-leaseback transaction with compatriot Ocean Yield for 2019 built kamsarmax bulk carrier 208K DWT MV Bulk Seoul and 2019 built kamsarmax bulk carrier 208K DWT MV Bulk Shanghai. Oslo-listed 2020 Bulkers finalized financing agreements that boosted total net cash of $141 million during 2019, more than twice the level raised in 2018 in a series of private placements of its shares. 2019 built kamsarmax bulk carrier 208K DWT MV Bulk Seoul and 2019 built kamsarmax bulk carrier 208K DWT MV Bulk Shanghai sale-and-leaseback transactions raised net proceeds of $21.6 million and two private placements raised net proceeds of $63.6 million conducted during 2019. Norwegian shipowner 2020 Bulkers has plans for 2020 to resume the company’s strong capital discipline and to remain to concentrate on returning the majority of the company’s free cash flow to shareholders as dividends. Norwegian shipowner 2020 Bulkers stated the the company has a strong financial structure with moderate financial leverage and a solid cash position. 8-March-2020
Norwegian shipowner 2020 Bulkers extended its time charter deal with Glencore’s shipping arm ST Shipping & Transport. Oslo listed shipowner 2020 Bulkers extended the charter contract of 2019 built newcastlemax bulk carrier 208K DWT MV Bulk Shanghai for 6 to 8 months for a fixed gross rate of $18,000 per day. In November 2019, Tor Olav Troim led 2020 Bulkers chartered out scrubber fitted MV Bulk Shanghai to Glencore’s shipping arm ST Shipping & Transport for a fixed gross rate of $18,000 per day. 2020 Bulkers was pleased to further develop its relationship with Glencore’s shipping arm ST Shipping & Transport.
Currently, Norwegian shipowner 2020 Bulkers has a fleet of eight (8) scrubber-fitted newcastlemax dry bulk carriers. 2020 Bulkers chartered out four (4) scrubber-fitted newcastlemax dry bulk carriers to Koch Shipping. 2020 Bulkers chartered out four (4) scrubber-fitted newcastlemax dry bulk carriers to Glencore’s shipping arm ST Shipping & Transport. 17-September-2020
Norwegian shipowner 2020 Bulkers reported a net profit of $2.4 million for Q2 2020 and has restarted paying dividends. Previously, Oslo listed shipowner 2020 Bulkers halted paying a dividend to shareholders until June 2020 due to the coronavirus recession. Since November 2019, 2020 Bulkers paid a dividend for every month until June 2020. In Q2 2019, Norwegian shipowner 2020 Bulkers reported a net loss of $1 million. However, in Q2 2019, 2020 Bulkers reported a net loss due to a non-operating fleet. In April 2020, 2020 Bulkers signed a deal for interest-rate swaps for $177 million. In Q2 2020, reported TCE (Average Time-Charter Equivalent) of $19,100 per day for each scrubber-fitted newcastlemax bulk carrier. In Q2 2020, 2020 Bulkers’ fleet increased to eight (8) newcastlemax bulk carriers. In June 2020, 2020 Bulkers chartered out kamsarmax bulk carriers 208K DWT MV Bulk Sao Paulo and MV Bulk Santos to Glencore’s subsidiary ST Shipping. Currently, 2020 Bulkers has six (6) of its eight (8) newcastlemax bulk carriers on time-charters until the end of 2020. 12-August-2020
Tor Olav Troim-backed 2020 Bulkers has reported average TCE (Time Charter Equivalent) earnings of $16,700 per day for May 2020. Currently, 2020 Bulkers controls eight (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’s shipping arm ST Shipping & Transport for 3 years. 14-June-2020
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’s shipping arm ST Shipping & Transport. 2020 Bulkers has fixed employment for 99% of operating days in 2019 and 80% in 2020. 14-December-2019
Norwegian shipowner 2020 Bulkers chartered out 2019 built scrubber-fitted newcastlemax bulk carrier 208K DWT MV Bulk Shanghai for a year to Glencore’s shipping arm ST Shipping & Transport. Tor Olav Troim-backed 2020 Bulkers expects to obtain an index-linked rate, indicating a notable premium to the Baltic 5TC index. 2020 Bulkers charter deal includes profit-sharing of any economic benefit derived from operating the MV Bulk Shangha’s scrubber. In July 2019, Norwegian shipowner 2020 Bulkers chartered out 2019 built scrubber-fitted newcastlemax bulk carrier 208K DWT MV Bulk Sandefjord for three-years to Koch Industries’ shipping arm Koch Shipping at an index-linked rate. Currently, Norwegian shipowner 2020 Bulkers has eight (8) scrubber-fitted newcastlemax bulk carriers under construction at the Chinese yard. 14-October-2019
Norwegian shipowner 2020 Bulkers took delivery of its first scrubber-fitted newcastlemax bulk carrier new-building in early August. Additionally, Norwegian shipowner 2020 Bulkers will take delivery of another five (5) scrubber-fitted newcastlemax bulk carrier new-buildings through January 2020. Scrubber-fitted newcastlemax bulk carrier new-buildings places Norwegian shipowner 2020 Bulkers in a strong position to benefit from the impact of IMO (International Maritime Organization) 2020 low-sulfur regulation. 2020 Bulkers has already chartered out two (2) scrubber-fitted newcastlemax bulk carriers at a 35% premium to the Baltic cape rate. 19-August-2019
2020 Bulkers has initiated its revenue generation with the delivery of a newcastlemax bulk carrier. This development marks the beginning of income generation for Tor Olav Troim’s premier shipowning enterprise, balancing its financial expenditures. The company has received the first of its eight newcastlemax new builds, starting its revenue journey. The 208K DWT MV Bulk Sandefjord, delivered from China’s New Times Shipyard on August 7, has started an index-linked charter with Koch Industries. Without an operational fleet in the first half of 2019, 2020 Bulkers experienced a financial loss due to no operating income. The company incurred a $1.0 million loss in the second quarter and a $2.4 million loss in the first half, primarily from general and administrative expenses. The second quarter expenses rose due to increased salaries, professional fees, a non-cash share option cost of $1.0 million, and one-off expenses related to listing the company’s shares on the Oslo Axess market, as reported in its financial statement. Recently, 2020 Bulkers secured a $5.5 million revolving credit facility, funded by Tor Olav Troim, the company’s founder. Drew Holdings Limited, Troim’s trust company and the largest shareholder of 2020 Bulkers, provided this credit line for working capital purposes. This funding is in addition to the $73.2 million raised in new equity and a $240 million bank facility obtained in February. 2020 Bulkers plans to receive five more ships in the next five months, with the final two by May 2020, as per its report. Three of these new builds already have long-term charters with Koch Supply & Trading. 10-August-2019
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
Tor Olav Troim’s 2020 Bulkers is set to receive five of its eight Newcastlemax newbuildings ahead of schedule, benefiting from the highest ship rates in nearly ten years. The New Times Shipyard in China will expedite the delivery of the 208K DWT MV Bulk Seoul, MV Bulk Shanghai, and MV Bulk Sydney, making them available two months earlier than planned. These ships will be launched in October and November of this year, and January 2020. Additionally, the MV Bulk Santiago and MV Bulk Shenzhen are scheduled for early delivery in September this year and January 2020, respectively. Magnus Halvorsen, CEO of 2020 Bulkers, attributes this accelerated pace to the shipyard’s available resources following a period of low order intake. The company anticipates over 2,600 operational ship-days in 2020, expecting significant cash flow from these ships due to current capesize market rates. Halvorsen highlights that early delivery is a clear advantage for investor cash flow. Three more 208K DWT Newcastlemax bulk carriers are on order, with the MV Bulk Sandefjord set for August this year, and the MV Bulk Sao Paulo and MV Bulk Santos expected in April and May 2020. Halvorsen mentions that while their focus is on dividends for shareholders as trading begins, they remain open to sales or consolidation opportunities. Three newbuildings – the MV Bulk Sandefjord, MV Bulk Santiago, and MV Bulk Seoul – will start time charters with Koch Supply & Trading upon delivery. Earlier this year, 2020 Bulkers raised significant capital and upgraded its listing from Oslo’s over-the-counter market to the Oslo Axess. 22-July-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
Tor Olav Troim’s 2020 Bulkers has been approved for a listing on the Oslo Axess, with its stock expected to commence trading on this secondary market within the week. This development follows the company’s successful raise of over $70 million through a private placement in May, which facilitated its progression from Oslo’s over-the-counter market. According to Magnus Halvorsen, CEO of the newcastlemax-specializing firm, the listing is anticipated to heighten public awareness and enhance stock liquidity. In a recent statement, Halvorsen highlighted the unique investment opportunity presented by 2020 Bulkers, emphasizing its fleet of eight fuel-efficient, scrubber-equipped 208,000 DWT newcastlemax dry bulk carriers. Magnus Halvorsen also pointed out the robust earnings potential, referencing current earnings of $26,400 per day on the Baltic 5TC capesize index, which could equate to around $37,000 per day for a newcastlemax on an index-linked charter, inclusive of scrubber benefits. Magnus Halvorsen underscored the company’s strong foundation for returning capital to shareholders via dividends once the entire fleet is operational, citing a low cash break-even point of approximately $14,500 per day. 2020 Bulkers marks Tor Olav Troim’s inaugural venture into pure shipowning, encompassing eight 208K DWT newbuildings from New Times in China. The first ship is set for early delivery next month, with the final vessel expected to enter service by May 2020. Initially conceived as an asset play, Tor Olav Troim shifted strategy to establish operations and proceed with ship deliveries. Earlier plans for a U.S. stock listing were also revised in favor of a more prominent Norwegian listing. The May private placement occurred during a particularly favorable period for shipping in the Norwegian market, coinciding with successful fundraising by other companies like Hunter Group, Epic Gas, and Belships. With the move to the Oslo Axess, 2020 Bulkers enters the market at a time when capesize bulker rates are at their highest for 2019 and panamax bulkers are experiencing significant single-day gains. 7-July-2019
Tor Olav Troim’s 2020 Bulkers has successfully raised $70.2 million as it prepares to join the Oslo Stock Exchange, distinguishing itself as a Newcastlemax specialist. This fundraising effort, supported by both new and existing shareholders, involved the issuance of 7,800,000 shares at $9 each. The capital raise occurred during a particularly active week in the Norwegian capital markets, coinciding with Arne Fredly’s Hunter Group raising almost $80 million. Initially, 2020 Bulkers was expected to sell its ships prior to delivery, but earlier this year, the strategy was shifted towards operating the vessels. This marks Troim’s first foray into pure shipowning. The transition to the Oslo Stock Exchange comes after the company’s early phase in Oslo’s over-the-counter market. The recent placement saw key players such as Magni Partners, Halvorsens Fabrikk, Titan Credit Master Fund, and MH Capital, associated with Tor Olav Troim, agreeing to purchase $8 million of the shares. The exact investment contributions from these entities after the placement’s completion remain undisclosed. A consortium of financial institutions, including Clarksons Platou Securities, Danske Bank, DNB Markets, Fearnley Securities, Nordea Bank, Pareto Securities, and Skandinaviska Enskilda Banken, facilitated the fundraising for 2020 Bulkers. The company has eight scrubber-equipped Newcastlemax bulk carriers under construction at New Times Shipyard in China, scheduled for delivery between September 2019 and May 2020. Three of these vessels have secured charters with Koch Supply and Trading’s Koch Shipping Pte Ltd. The first ship is contracted on an indexed rate for three years, while the other two have one-year contracts at rates around $20,000 per day, significantly higher than the current rates for standard capsize bulk carriers. Last week, Koch Shipping Pte Ltd chartered the 177K DWT MV Baltimore from Diana Shipping on a 19 to 22-month contract at $15,000 per day. However, the 2020 Bulkers vessels are larger, state-of-the-art, and equipped with scrubbers, justifying their higher charter rates. Marius Halvorsen, CEO of 2020 Bulkers, indicated the company’s focus is not on expanding the fleet but rather on maximizing dividends from the existing ships. 2020 Bulkers will join Troim’s other venture, Borr Drilling, on the Oslo Stock Exchange, while his Golar LNG is listed in the US. Additionally, Troim is working on an independent listing for Golar’s LNG carrier fleet. 20-May-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