The dry bulk owner and operator 2020 Bulkers with eight newcastlemax dry bulk vessels in operation said in a commercial update that last month it achieved average time charter equivalent earnings of approximately $25,600 per day, gross.

The Oslo-listed company also said that five of its vessels trading on index-linked time charter earned approximately US$27,800 per day, gross, including average daily scrubber benefits of approximately US$4,400 per day.

The company’s three vessels trading on fixed time charter earned approximately US$21,800 per day, gross, including scrubber benefits.

“The Baltic 5TC Capesize Index averaged US$17,773 during May 2023,” said the shipowner, adding that a cash distribution of US$0.08 per share for May 2023 has been approved by the board of the company.

Shipping Telegraph reported on May 10, 2023 that the dry bulk owner booked a very profitable quarter for the first three months of the year while the majority of its fleet is on charters.

The shipowner 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.