The company led by Lars-Christian Svensen concludes the monetization of its newbuilding program started in 2017
Oslo – 2020 Bulkers, a company listed on the Oslo Børs and led by Lars-Christian Svensen, has announced the sale of the two newcastlemaxes built in 2020, Bulk Sydney and Bulk Santos, to an unconnected third-party buyer. The total value of the operation amounts to 145.5 million dollars, although the identity of the buyer has not been disclosed.
According to the announcement, the company will continue to benefit from the operational cash flows of the two ships until the completion of the respective transactions, expected in the first quarter of 2026. With the closing of the sales, 2020 Bulkers expects to record a net accounting capital gain of approximately 61 million dollars. The Board of Directors will subsequently decide how to allocate the net proceeds, once the usual closing conditions typical of the sector are met.
The Chairman Magnus Halvorsen explained that the disposal of the two units, for an average value of 72.75 million dollars each, marks the conclusion of the newbuilding program started in September 2017. He recalled that between 2019 and 2020 the company had taken delivery of eight scrubber-fitted newcastlemaxes, with a total average cost of 47.6 million dollars per ship, and that prudent financial management and a careful commercial strategy have allowed the company to close every quarter profitably since the delivery of the first unit.
Halvorsen also highlighted that the program was financed with 142 million dollars of equity, in addition to the necessary debt, and that the company has already distributed 238 million to shareholders through dividends and other forms of return. He added that from the sales of the six remaining ships, 312 million dollars net are expected to be obtained, after debt repayment, while currently 2020 Bulkers has 17 million dollars in cash and will continue to collect the operational cash flows until the units are delivered to the new owners.
Currently the company’s fleet comprises six scrubber-fitted newcastlemaxes.
