Tor Olav Troim has pivoted in his plan for the eight newcastlemax newbuildings in the fleet of 2020 Bulkers.
The company was launched as an asset play but now intends to keep the ships it has on order at New Times Shipyard in China.
Chairman Magnus Halvorsen says 2020 Bulkers is planning to built up a “small, but effective organization, with a view to take a delivery of and operate the ships”.
He says the vessels have been well received in the market. "We have seen what kind of premium charterers are willing to pay for a scrubber fitted newcastlemax compared to a standard capesize," he said.
"This, combined with a low contract price, is a good foundation to pay out substantial dividends to our shareholders."
The eight newbuildings are already solidly in the money.
They were ordered for between $44.2m and $44.7m each. Clarksons puts the newbuilding price for a capesize at $50m, so a newcastlemax with scrubbers would likely cost some $4m to $4.5m more.
The 2020 Bulkers ships are set for delivery between September next year and May 2020.
There are few newcastlemaxes newbuilding slots available before 2021 today, so this could add an additional premium to their value.
Halvorsen declined to comment on the price estimates. But he says 2020 Bulkers will not consider adding additional tonnage right now as yard prices are considerably higher, and delivery times less attractive, than when the company started.
2020 Bulkers has raised another $6m in the market to meet payments on the newbuildings.
The company is considering a full listing next year, with management believing the company is well suited to a US exchange.
Troim spent much of his career as the right hand man of John Fredriksen, who also has newcastlemaxes on order at New Times.
