Newcastlemax owner 2020 Bulkers has moved its tax domicile to Norway and appointed a new member to its board.

The Oslo-listed shipowner was previously domiciled in Bermuda but joined its new tax regime on Tuesday.

Meanwhile, lawyer Viggo Bang-Hansen has joined 2020 Bulkers’ board and two members have stepped down.

Bang-Hansen has worked at Norwegian law firm Schjodt since 2003 and has been a partner since 2008. He specialises in capital markets transactions, securities law and mergers and acquisitions for public and international companies.

Neil Glass has resigned as a director of the company as of Wednesday, a position he has held since July 2020. Glass was also part of 2020 Bulkers’ audit committee.

Mi Hong Yoon has also resigned as a director after around five months in the role.

2020 Bulkers is due to report its financial results for the second quarter on 17 August.

It said on Wednesday that its eight scrubber-fitted newcastlemax bulkers earned an average gross time-charter equivalent rate of $32,500 per day during July.

Its six vessels trading on index-linked contracts earned a gross TCE rate of $30,600 per day on average, including average scrubber benefits of approximately $4,100 per day.

Its two ships on fixed-rate time-charters earned $38,100 per day on average, including an average scrubber benefit of $6,400 per day.

Himalaya Shipping

Meanwhile, Himalaya Shipping — a newcastlemax owner established by Tor Olav Troim, much like 2020 Bulkers — has reported its own results for the second quarter.

The Oslo-listed firm, which has 12 dual-fuel newcastlemaxes under construction in China, filed a $600,000 net loss for the second quarter of 2022 — the same as its general and administrative expenses for the period.

This was $400,000 more than in the same period last year, which Himalaya said is due to the listing of its shares on the Euronext Expand market in Oslo, increased activity and around $100,000 in a non-cash share option cost.

Himalaya said this month that it drew on the sale-leaseback financing to pay the fourth instalments on the first two newbuildings to be delivered.

Sale-and-leaseback financing was completed in February for the first four newbuildings and in April for the rest of the fleet.

Himalaya’s newbuildings were valued on its balance sheet at $118.7m as of 30 June. The total value of shipbuilding contracts for the 12 vessels is $830m, according to the company’s report.

The ships are scheduled for delivery from New Times Shipbuilding between March 2023 and September 2024.

Herman Billing is chief executive of both Himalaya and 2020 Bulkers.