Norway-based shipowner 2020 Bulkers has entered into a time charter agreement for its newcastlemax newbuilding Bulk Shanghai with a subsidiary of Glencore.
The vessel will commence a 11-13 month time charter upon delivery from New Times Shipyard in early November 2019 and will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index, said a press note from Bermuda-based new bulk carrier company.
The time charter also includes a profit sharing of any economic benefit derived from operating the vessel´s scrubber, said the release.
2020 Bulkers has two Newcastlemax drybulk vessels in operation and six Newcastlemax drybulk vessels under construction at New Times Shipyard in China. All vessels are expected to be delivered by May 2020 and will be fitted with exhaust scrubber systems.