- Oslo-listed 2020 Bulkers has agreed to sell three scrubber-fitted newcastlemax vessels for $209m, representing half of its fleet.
- The company expects to book a net gain of about $89m upon closing, retaining operating cashflows until transactions complete in 1Q26.
- Fearnley Securities called the deal “a strong sale,” noting the positive implications for other bulker owners.
2020 Bulkers announced the sale of three newcastlemax bulk carriers — the 2019-built Bulk Sandefjord and Bulk Santiago, along with the 2020-built Bulk Shenzhen — to an undisclosed buyer for a total of $209m. Each vessel is equipped with scrubbers and has a capacity of 208,445 dwt.
Financial Impact and Timeline
The company expects to record a gain of approximately $89m once the sales are finalized. Closing is subject to conditions and scheduled for the first quarter of 2026. Until delivery, 2020 Bulkers will retain each vessel’s operating cashflows.
Analyst Perspective
Fearnley Securities assessed the deal positively, stating: “A strong sale as we see it, which should be a positive read-across to bulker peers operating large tonnage.” They highlighted that the vessels would be mechanically a year older by the time of closing, underscoring the strength of the sale price.
Fearnley also estimated that two months of additional cashflows would equate to about NOK4 ($0.4) per share, assuming 90 days until delivery. They further noted: “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.”
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Source: Lloyds List
