Newcastlemax owner 2020 Bulkers logged a record-breaking year in 2021, its last under the leadership of outgoing CEO Magnus Halvorsen.
The Oslo-listed shipowner reported net income of $26.3m for the final quarter of last year, equivalent to $1.18 in basic earnings per share.
This is up from $3.6m in the fourth quarter of 2020.
The firm has declaredtotal cash distributions of $1.20 per share for the months of October, November and December, more than the $0.97 paid out for the previous three months.
The shipowner paid out a total of $63.9m in dividends during 2021 overall.
It has declared dividends or cash distributions for 18 consecutive months.
Net income for the full year was $70.8m, more than six times the $11.1m profit it booked for 2020.
Its fleet earnings were much higher on the back of a rebound in bulker markets and 2020 Bulkers was able to create a new revenue stream with its sister company, Himalaya Shipping.
In November, the company cut costs with a new cheaper $162.5m term loan that helped lower its daily breakeven by $200.
Star Bulk Carriers executive Herman Billung will join 2020 Bulkers as its CEO in February and will also act as chief executive for Himalaya Shipping.
Halvorsen will continue as chairman of 2020 Bulkers and will replace Jens Martin Jensen, who has left to head up John Fredriksen’s Seatankers Management.
Fleet earnings
2020 Bulkers’ vessel revenue during the fourth quarter totalled $37.2m, more than double the $14.6m earned during the same three months last year.
This equates to gross average time-charter equivalent (TCE) earnings of about $52,900 per day during the period this year.
These earnings have fallen to around $22,400 per day during the first quarter of 2022 so far, the company said.
All eight of 2020 Bulkers’ newcastlemax bulkers are fixed to major commodity traders. All but two have been converted to fixed-rate contracts.
Six are on charter to Koch Logistics and the other two are contracted to Glencore.
2020 Bulkers brought in a new revenue stream in October, when it signed a contract to provide its sister company Himalaya Shipping with technical management of its LNG-fuelled newcastlemaxes, which are being built in China.
2020 Bulkers Management invoiced Himalaya Shipping and its subsidiaries $300,000 during 2021, of which $90,000 was outstanding as of December 31.
Like 2020 Bulkers, Himalaya was founded and backed by investor Tor Olav Troim.
Himalaya’s 208,000-dwt newbuildings are the same size as the eight units that Troim and co-investors ordered in 2017 at New Times for 2020 Bulkers.
Both shipowners are listed on the Oslo Stock Exchange
