2020 Bulkers sells half its newcastlemax fleet for $209m
- Oslo-listed newcastlemax specialist will keep ships’ operating cashflows until the sales close in the 1Q26
- Expects to book net gain of $89m
- Fearnley Securities says strong sale should be a good sign to bulker peers operating large tonnage
2020 Bulkers agreed to sell three scrubber-fitted newcastlemaxes — Bulk Sandefjord, Bulk Santiago and Bulk Shenzhen — to an unnamed buyer for $209m
OSLO-listed 2020 Bulkers said it agreed to sell half of its fleet of six newcastlemaxes to an unnamed third party for $209m.
It will offload the 2019-built Bulk Sandefjord (IMO: 9844590) and Bulk Santiago (IMO: 9844605) and the 2020-built Bulk Shenzhen (IMO: 9849746). All three ships have scrubbers and weigh in at 208,445 dwt.
2020 Bulkers said it expects to book a gain of about $89m upon closing, which is subject to conditions.
It will keep each ship’s operating cashflows until each transaction closes in 1Q26.
Fearnley Securities said the sale price was 3% higher than its expected valuation.
“A strong sale as we see it, which should be a positive read-across to bulker peers operating large tonnage,” Fearnley said.
The fact the ships would be mechanically a year older by the time of expected closing further highlighted the strong price.
It estimated the two extra months of cashflows would be about NOK4 ($0.4) per share, assuming 90 days until delivery.
“Assuming their debt is evenly spread out between the fleet and will be paid down pro rata, the sale will release approximately $170m of net cash,” Fearnley Securities said.
