2020 Bulkers Ltd. (2020) – Commercial update February, 2020
Hamilton, Bermuda, March 10, 2020
In February 2020, the Company achieved average time charter equivalent earnings of approximately USD 14,300 per day, gross, including profit sharing for the scrubbers. The Company’s vessels trading on index-linked time charter earned approximately USD 4,100 per day, gross, as well as average daily scrubber benefits of approximately USD 3,100 per day. The Company’s vessels trading on fixed time charter earned approximately USD 21,300 per day, gross.
The Baltic 5TC Capesize Index averaged USD 2,721 during February 2020.
Based on the recent conversion of two index linked charters to fixed rate charters, the Company now has four out of six trading vessels fixed at an average time charter equivalent rate of USD 21,592 per day for the remainder of 2020.The Company expects average operating cash breakeven after G&A, vessel operating costs and debt service of approximately USD 14,500 per ship per day for 2020.
The Board has resolved that no dividend will be paid for the month of February
For further queries, please contact:
Magnus Halvorsen, Chief Executive Officer, 2020 Bulkers Management AS
Telephone +47 920 20 111
About 2020 Bulkers Ltd.:
2020 Bulkers has six vessels in operation and two Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered by June 2020. All vessels will be fitted with exhaust scrubber systems.