2020 BULKERS LTD. APPLICATION FOR LISTING ON OSLO AXESS AND APPROVAL OF PROSPECTUS (2020)
Hamilton, Bermuda, 9 July, 2019 – 2020 Bulkers Ltd. ("2020” or the “Company") has on 8 July 2019 applied for a listing of all of the Company’s outstanding shares on Oslo Axess (the “Listing”). The Oslo Stock Exchange is expected to approve the application on or about 10 July 2019.
The Company’s ticker code will be “2020” and it is expected that the first day of listing will be Friday 12 July 2019. The Company’s shares will as a consequence cease to be registered and tradable on the N-OTC from the listing day. The Company will not perform any share capital raises or sale of shares in connection with the Listing.
The Financial Supervisory Authority of Norway has approved a prospectus dated 3 July 2019 (the “Prospectus”) in connection with the Listing. The Prospectus will be available at www.2020bulkers.com and will also be available free of charge at the Company's registered office from and including 10 July 2019. Clarksons Platou Securities AS is acting as the Company’s Financial Advisor in connection with the Listing.
Magnus Halvorsen, the Chief Executive Officer of 2020 Bulkers Management AS, comments as follows: “We are excited about the upcoming listing of 2020 Bulkers, which we expect will increase public awareness of the company and improve the liquidity in the trading of the shares. We believe 2020 Bulkers offers a unique proposition to investors with our newbuilding fleet of eight, scrubber fitted, fuel efficient 208,000 dwt Newcastlemax dry bulk carriers. The Baltic 5TC Capesize index is today USD 26,400 per day, which means a Newcastlemax trading on an index linked charter from January 2020 may be expected to earn approximately USD 37,000 per day, including anticipated scrubber economics1.. The earnings potential, in combination with our low cash breakeven level of approximately USD 14,500 per day gives the Company a strong foundation for returning capital to shareholders through dividends once the fleet is fully delivered. 2020 Bulkers will focus on maintaining a strict capital discipline through the business cycle and seek to maximize returns to shareholders from the existing asset base.”
An updated company presentation will also be available on the Company´s website www.2020bulkers.com.
For further queries, please contact:
Magnus Halvorsen, Chief Executive Officer,
Telephone +47 24 11 02 01
Vidar Hasund, Chief Financial Officer,
Telephone + 47 24 11 02 02
1) Based on concluded charters reflecting Baltic 5TC + 31% premium + 50% share of scrubber economics. Based on current forward prices for 2020.
About 2020 Bulkers Ltd.:
2020 Bulkers has 8 Newcastlemax drybulk vessels under construction at New Times Shipyard in China. All vessels will be fitted with exhaust scrubber systems. The first ship is expected to deliver on August 7th and all ships are expected to be delivered by May 2020.
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.