2020 Bulkers announced that it has signed agreements to sell each of its 2019 built Newcastlemax vessels, Bulk Sandefjord and Bulk Santiago, and the 2020 built Newcastlemax vessel, Bulk Shenzhen, to an unaffiliated third party for a total consideration of US$209 million. Each sale is subject to certain closing conditions, in line with industry standards.
The Company will retain the vessels’ respective operating cashflows until closing of each vessel transaction, each of which is agreed to take place during Q1 2026.
The Company expects to recognize a net book gain of approximately US$89 million upon completion of the transactions.
The Board of Directors of the Company will, subject to completion of the sales, determine the allocation of the net proceeds from the transactions.