The first of 2020 Bulkers' eight Newcastlemax newbuildings has been delivered, which means the company can finally begin generating revenue.
The 208,000-dwt Bulk Sandefjord was delivered from the New Times Shipyard in China on 7 August and has commenced an index-linked charter with Koch Industries.
2020 Bulkers did not have an operational fleet during the first six months of 2019 and has posted a loss for the period, due to lack of operating income.
The company reported a $1.0m loss for the second quarter and a $2.4m loss for the first six months, both of which were incurred by general and administrative expenses.
The second quarter saw increased costs related to salaries, professional fees, a non-cash share option cost of $1.0m and one-off costs from listing the company’s shares on the Oslo Axess market, the company said in its financial report for the period.
Funding raised
2020 Bulkers last month entered into a $5.5m revolving credit facility, which will be funded from the purse of Tor Olav Troim, the company's founder and backer.
Troim's trust company Drew Holdings Limited, which is the largest shareholder in 2020 Bulkers, provided the revolver for use as working capital, the report said.
The funding comes in addition to the $73.2m in new equity raised by 2020 Bulkers in the first six months and a $240m bank facility secured in February.
Five more vessels will be delivered within the next five months, with the final two vessels following by May 2020, the company said in its report.
Three of the newbuildings have already secured long-term charters with Koch Supply & Trading, as TradeWinds has reported.
