2020 Bulkers announced that it has signed an agreement to sell the 2020 built Newcastlemax vessel, Bulk Sao Paulo, to an unaffiliated third party for a total consideration of US$72.75 million. The sale is subject to certain closing conditions, in line with industry standards.
The Company will retain the vessels’ operating cashflows until closing of the transaction, which is agreed to take place during Q1 2026.
The Company expects to recognize a net book gain of approximately US$29 million upon completion of the transaction.
The Board of Directors of the Company will, subject to completion of the sale, determine the allocation of the net proceeds from the transaction.