Glencore Extends Charter For ‘Bulk Shanghai’ Bulk

Mining company Glencore has via its subsidiary ST Shipping extended the charter for the 2020 Bulkers-owned ‘Bulk Shanghai’ bulk carriers.

2020 Bulkers said Friday that the charter would be extended for a period of 6-8 months from October 4, 2020. 

According to the owner, the vessel will from October 4, 2020, earn a fixed rate of $18,000 per day, gross, as well as a share of the fuel savings generated from the scrubber fitted on the vessel.

Magnus Halvorsen, CEO of 2020 Bulkers Management AS said: “We are pleased to further develop our good relationship with Glencore. The extended time charter for Bulk Shanghai secures cash flow through the first quarter of 2021 at a level above our average operating cash breakeven which is estimated at approximately USD 14,000 per day for 2021.”

The Oslo-listed 2020 Bulkers owns eight Newcastlemax dry bulk vessels in operation, and all of them are fitted with exhaust scrubber systems.

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