Koch Extend Charters for Two 2020 Bulkers

Norway-based shipowner 2020 Bulkers announced that the time charters of two of its vessels with the global commodity trader Koch Supply and Trading

Under the new deal, the dry bulk shipping company vessels Bulk Santiago and Bulk Seoul will continue working for Koch for another 11-13 months at an index linked rate reflecting a significant premium to the Baltic 5TC index.

The time charters also include a sharing of the economic benefit from the scrubbers from January 1st, 2020, with the majority of the benefit accruing to 2020 Bulkers.

As part of the agreement, the index linked time charters will commence on December 25th, 2020, for Bulk Santiago and January 1st, 2021, for Bulk Seoul, implying 130 days reduction in the maximum optional periods under the existing fixed rate time charters.

2020 Bulkers owns and operates eight scrubber fitted 208,000 DWT Newcastlemax dry bulk carriers.