Tor Olav Troim’s 2020 Bulkers has secured more work from Koch Shipping for one of its newcastlemaxes.
The Oslo-listed owner said the charterer will keep on the 208,000-dwt Bulk Sydney (built 2020), paying $19,000 per day for the first 100 days from 19 February.
Then the deal will convert to a nine to 15-month index-linked charter, reflecting a “significant premium” to a standard capesize.
There will also be an additional premium related to the fuel cost saving from the scrubber on board.
The Bulk Sydney has been fixed since 2020 by Koch on various rates, moving between index-linked and fixed-rate deals.
A short-term agreement in 2020 was at $14,700 per day. After a move to a fixed-rate charter in 2021, the ship earned $60,260 per day for November and December that year.
Throughout last year, the company averaged a 53% premium to the Baltic Exchange 5TC capesize index on its index-linked deals, Fearnley Securities said.
This included an average scrubber benefit of $3,000 per day.
Current bunker forward prices suggest the scrubber benefit for newcastlemaxes will remain strong in coming years, the investment bank believes.
Already this month, 2020 Bulkers has secured new two-year time charters for two of its vessels.
An unnamed “European charterer” has fixed the 208,000-dwt Bulk Santos and Bulk Sao Paulo (both built 2020) on index-linked contracts, but commercial terms were not disclosed publicly.
The time charters will begin between May and August this year when the ships redeliver from their existing employment, and will run until 1 April and 31 June 2025.
