The dry bulk shipowner said the Financial Supervisory Authority of Norway has approved its prospectus on 3 July in connection with the listing. The company’s ticker code will be ‘2020’ and it is expected that the first day of listing will be on Friday 12 July.
“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,” said Magnus Halvorsen, ceo of 2020 Bulkers Management.
“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,” Halvorsen said.
He noted that the Baltic 5TC capesize index is currently at around $26,400 per day, which means a newcastlemax trading on an index linked charter from January 2020 may be expected to earn approximately $37,000 per day, including anticipated scrubber economics.
“The earnings potential, in combination with our low cash breakeven level of approximately $14,500 per day gives the company a strong foundation for returning capital to shareholders through dividends once the fleet is fully delivered,” he said.
2020 Bulkers’ eight newcastlemaxes, costing $44m each, are under construction at China’s New Times Shipyard. The first vessel is expected to be delivered on 7 August and all ships are scheduled to be delivered by May 2020.
2020 Bulkers has been established by Tor Olav Troim, John Fredriksen’s former right-hand man. The company is backed by investors Titan Opportunities Fund, which was set up by former John Fredriksen employees Fredrik Halvorsen and Espen Westeren.