Presentation

Established in 2017 and headquartered in Bermuda, 2020 Bulkers started with an order of two scrubber-fitted 208,000 dwt newcastlemaxes. Later the same year, two additional orders were placed – and today the company’s fleet has grown to of eight vessels, . The average contract price of the vessels was USD 46.7m and they are all chartered out to two solid counterparties: namely Glencore and Koch Industries. 2020 Bulkers is listed on the Oslo Stock Exchange and the largest shareholder is Mr. Tor Olav Trøim.

The company has an ambitious dividend policy of paying out its free cash flow generated on a monthly basis. The company’s contracts are mostly index-linked with scrubber benefits, as the whole fleet is scrubber-fitted. Due to extra cargo intake and fuel efficiency, the concluded charters represent an earnings premium of ~30-35% compared to standard capesize vessels.

The company continues to see good market conditions going forward and maintains exposure to the spot market with half the fleet on index-linked charters to YE’21. At the same time, management’s pragmatic approach manifested itself recently with two fixtures at USD 54,000/day, plus scrubber benefits.