2020 Bulkers has agreed to sell its last two newcastlemaxes, wrapping up the monetisation of a fleet-building programme that started eight years ago.
The Oslo-listed owner said it has signed deals with an undisclosed buyer for the 2020-built Bulk Sydney and Bulk Santos at a combined price of $145.5m. The transactions remain subject to standard closing conditions, with handovers scheduled for the first quarter of 2026. Until delivery, the company will keep the vessels’ operating cashflow.
2020 Bulkers said it expects to book a net gain of about $61m once the sales are completed.
Chairman Magnus Halvorsen said the disposals mark the end of a newbuilding push launched in 2017. The company took delivery of eight scrubber-fitted newcastlemaxes between August 2019 and June 2020 at an average all-in cost of $47.6m per ship.
Halvorsen said a conservative capital structure and active risk management have kept the company profitable every quarter since its first delivery. The programme was funded with $142m in equity alongside debt, and since launch, the company has returned $238m to shareholders through dividends and capital distributions.
2020 Bulkers was founded in 2017 by Tor Olav Trøim, with Halvorsen also a co-founder and later CEO of 2020 Bulkers Management. The two sales follow a run of asset disposals since September. The shipowner offloaded three newcastlemaxes for $209m, followed by one more at $72.75m, while two units were sold last year for $127.5m.
Following debt repayment, 2020 Bulkers said it expects to realise $312m in net proceeds from the sale of its final six vessels. The company also holds $17m in cash and will retain earnings from the units until they change hands.
