Wedoany.com Report-Sept. 29, Norwegian shipowner 2020 Bulkers, listed in Oslo, has finalized an agreement to sell three scrubber-fitted newcastlemax vessels—Bulk Sandefjord and Bulk Santiago, both built in 2019, and Bulk Shenzhen, built in 2020—for a total of $209 million. The buyer’s identity remains undisclosed.

The vessels are currently chartered to Singapore-based Koch Shipping and will remain so until their delivery, expected in the first quarter of 2026, subject to standard closing conditions. “Until then, 2020 Bulkers will retain operating cashflows from the ships,” the company stated, ensuring continued revenue during the transition period.

The sale is projected to yield a book gain of approximately $89 million. The company’s board, led by CEO Lars-Christian Svensen, will determine the allocation of proceeds once the transactions are finalized. 2020 Bulkers currently operates a fleet of six newcastlemax vessels, and this sale represents a significant adjustment to its fleet management strategy.

The decision aligns with the company’s focus on optimizing asset value in a robust sale and purchase market. In February 2024, 2020 Bulkers sold two additional 2019-built vessels for $127.5 million, reflecting a strategy to enhance shareholder returns through selective divestitures. The company has prioritized modern, scrubber-fitted newcastlemax vessels, designed for efficiency in bulk cargo transport, primarily for commodities like iron ore and coal.

This move strengthens 2020 Bulkers’ financial position while maintaining its commitment to operational efficiency. The sale supports the company’s efforts to adapt its fleet to market demands, ensuring long-term sustainability and competitiveness in the global shipping industry.