Norway-based shipowner 2020 Bulkers announced it has signed a time charter agreement with a subsidiary of commodities trader Glencore for its Capesize Bulk Shenzhen.
The Newcastlemax newbuild is set to start its 11-13 month time charter upon delivery from China’s New Times Shipyard in early January 2020.
2020 Bulkers said the ship would earn an index linked rate, reflecting a significant premium to the Baltic 5TC index.
The company added that the time charter also includes a profit sharing of any economic benefit derived from operating the vessel’s scrubber.
Bulk Shenzhen is the sixth of overall eight 208,000 dwt units ordered by the company from China. The first two vessels were already delivered with another two scheduled to be handed over this year. The remaining bulkers are to be delivered in 2020.
2020 Bulkers has so far secured charters for six of the eight scrubber-fitted Newcastlemaxes with Koch and Glencore.