Photo credit: 2020 Bulkers
2020 Bulkers booked another profitable quarter for the first three months of the year while the majority of its fleet is on charters.
The dry bulk owner and operator 2020 Bulkers reported a net profit of US$0.8 million and Ebitda of US$6.4 million, while it has entered into many new time charter deals.
The Oslo-listed company achieved average time charter equivalent earnings of approximately US$17,500 per day, gross.
It also declared total cash distributions of US$0.04 per share for the months of January, February and March 2023.
In January, the company entered into index-linked time charters for Bulk Santos and Bulk Sao Paulo with a European charterer. The index-linked charters reflect a significant premium to a standard Capesize vessel, as well as an additional premium related to the fuel cost saving from the scrubbers.
The new time charters will commence immediately on redelivery from their current employment, expected in July 2023, with a duration up until April 1, 2025 to June 31, 2025.
Also in January the owner entered into a new time charter for Bulk Sydney with Koch Shipping. With the new time charter deal, the vessel will earn US$19,000 per day for the first 100 days, thereafter, the charter will convert to a 9-15 month index-linked charter. This reflects a significant premium to a standard Capesize vessel, as well as an additional premium related to the fuel cost saving from the scrubbers.
In February, the company converted and extended the index-linked time charters for Bulk Shanghai and Bulk Seoul to fixed rate charters from February 10, 2023, until September 30, 2023, at a rate of US$22,850, gross, including scrubber benefit.
Following the fixed rate charter periods, both time charters have been extended with 6 months index-linked charters reflecting a significant premium to a standard Capesize vessel, as well as an additional premium related to the fuel cost saving from the scrubbers.
