2020 Bulkers has raised net proceeds of USD 3 million through a private placement.

On February 5, the company said that it conducted a private placement of 300,000 new shares, each at a subscription price of USD 10.0 per share. Subsequent to the closing of the private placement, 2020 Bulkers Ltd has 14,370,906 shares outstanding.

The proceeds from the private placement would be used towards yard instalments for eight Newcastlemax vessels currently under construction at New Times Shipyard in China, as well as for general corporate purposes, the company added.