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 kamsarmax 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 kamsarmax 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, kamsarmax 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
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
Tor Olav Troim led 2020 Bulkers has secured a major loan for its newcastlemax newbuilding program and hasn begun working on a full stock listing. 2020 Bulker has also revealed a time charter for one of its eight (8) newcastlemax new-buildings, which will begin to deliver in September 2019. Oslo-OTC (Over The Counter) listed 2020 Bulkers appointed two new directors. 2020 Bulkers switched Magnus Halvorsen from the Chairman to CEO seat. 2020 Bulkers hired former Frontline’s CTD Olav Eikrem. 2020 Bulkers is acting on a plan to become an operator of bulk carriers rather than a simple asset play. As of today, 2020 Bulkers signed a long-term bank loan running to $240 million. $240 million loan carries an interest of Libor plus 250 basis points, has an 18-year repayment profile for the principal amount, and a balloon repayment after five (5) years. In the long term, 2020 Bulkers may consider other capital structures, including an all-equity financing structure, thereby giving additional flexibility with respect to dividend distributions. 2020 Bulkers has made $68 million in shipyard payments on the giant bulk carriers at New Times Shipyard and has $306 million to pay on the bulk carriers. 2020 Bulkers has previously raised $70 million in equity in small volumes for shipyard payments. 2020 Bulkers is planning to list on US stock exchange during 2019 and have started the preparation for this. Furthermore, 2020 Bulkers illustrated the value of scrubber fitted newcastlemax bulk carriers. 2020 Bulkers has also had several inquiries from first-class charterers interested in securing newcastlemax bulk carriers. Long-term time charters with fixed and floating rates and contracts of affreightment were all discussed. 2020 Bulkers’ new-buildings will be delivered with scrubbers seems to be a significant driver behind the charterers’ interest. 2020 Bulkers will continue to charter out bulk carriers to strong counterparties with a target to optimize the trading results from their operation without building a large overhead structure. Newly appointed CTD (Chief Technical Director) had the same position for John Fredriksen’s Frontline for 15 years. In January 2019, Kate Blankenship and Georgina Sousa had appointed from John Fredriksen’s company. 2020 Bulkers would target high yield dividend payments. 2020 Bulkers had an opportunistic approach to growth and a disciplined investment strategy. On the other hand, 2020 Bulkers explained that there are no current plans to order new-buildings as bulk carrier prices have risen by 20% since its own bulk carriers were contracted. According to 2020 Bulkers’ 2019 and 2020 dry bulk freight predictions, the dry bulk market will see fleet growth of between 0 and 1% given the downtime required to install scrubbers on currently trading bulk carriers. 6-August-2019
Norwegian shipowner 2020 Bulkers has secured period charters for three (3) newcastlemax new-buildings to Koch Supply & Trading for up to 36 months. Norwegian Tor Olav Troim backed 2020 Bulkers has secured new charters for three (3) newcastlemax new-buildings. Koch Supply & Trading and Koch Shipping are subsidiary companies of Koch Industries. Furthermore, this week 2020 Bulkers is set for Oslo Axess listing. Three (3) newcastlemax new-buildings time charters will commence directly after delivery from New Times Shipyard, China. The first delivery of newcastlemax new-building is due in August. Koch Shipping is an active charterer of tankers and bulk carriers. 15-July-2019
Oslo listed shipowner 2020 Bulkers has reported that index-linked bulk carriers performed above the Baltic Exchange average during November 2019. Tor Olav Troim led 2020 Bulkers has reported that four (4) operational newcastlemax bulk carriers achieved average time charter equivalent (TCE) earnings of $24,466 per day and out-performed the Baltic Exchange average in November 2019. 2020 Bulkers’ ships trading on index-linked time charters earned $28,594 per day and the fixed-rate ships achieved $20,888 per day. Meanwhile, Baltic Exchange 5TC capesize index averaged $21,254 during November 2019. 2020 Bulkers’ BOD (Board of Directors) has approved the payment of a dividend of $0.08 per share for November 2019. 2020 Bulkers has reported the first profit from operations in Q3 2019. In Q3 2019, 2020 Bulkers has reported net earnings of $0.8 million, from only 65 operational ship days. In Q3 2018, 2020 Bulkers has reported a loss of $0.2 million. 2020 Bulkers has four (4) more newbuilding bulk carriers remain under construction in China. 2020 Bulkers has chartered out four (4) bulk carriers to Koch Shipping and two (2) bulk carriers to Glencore’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
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