We refer to yesterday's announcement of the conversion of the index-linked charter hire for Bulk Sandefjord and Bulk Sydney to fixed rates. By a regrettable typographical error, the fixed charter rate for "Bulk Sydney" was reported as US$14,702 per day, gross, while the correct amount is US$14,002 per day, gross.
For the avoidance of doubt, the other metrics in the announcement were correct.
Hence, the six vessels in operation as of May 6[th] have a total fixed rate charter coverage for 1,384 remaining days in 2020 at a weighted average charter rate of US$19,303 per day, gross. The earnings from these six vessels will cover all of the Company's budgeted G&A costs, operating costs and debt service expenses for the remainder of 2020 for a fully delivered fleet of eight vessels.
The Company is pleased to have secured its earnings from the six vessels in operation at a level which covers its costs for the full fleet for the rest of the year while still retaining exposure to an anticipated recovery in the spot market through the last two newbuildings which are being delivered in the first half of June, 2020.
For further queries, please contact:
Magnus Halvorsen, Chief Executive Officer, 2020 Bulkers Management AS
Telephone +47 920 20 111
About 2020 Bulkers Ltd.
2020 Bulkers Limited is a limited liability company incorporated in Bermuda on 26 September 2017. The Company's shares are traded on Oslo Axess under the ticker "2020".
2020 Bulkers is an international owner and operator of large dry bulk vessels. The Company currently has six Newcastlemax dry bulk vessels in operations and two Newcastlemax dry bulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered from the Yard by June 2020.
Forward-Looking Statements
This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although 2020 Bulkers Ltd. believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein.
The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.