Glencore Extends Charter for 'Bulk Shanghai' Bulk Carrier

Mining giant and commodity trader Glencore has via its subsidiary ST Shipping extended the charter for the 2020 Bulkers’ ‘Bulk Shanghai’ bulk carriers.

2020 Bulkers said Friday that the charter would be extended for a period of 6-8 months from October 4, 2020. 

According to the 2020 Bulkers, the vessel will from October 4, 2020, earn a fixed rate of $18,000 per day, gross, as well as a share of the fuel savings generated from the scrubber fitted on the vessel.

According to AIS data, the Bulk Shanghai left São Luís in Brazil – place known for iron ore export ports – in mid-August and is currently moving through Malacca Strait, on its way to Qingdao, China.

Magnus Halvorsen, CEO of 2020 Bulkers Management AS said: “We are pleased to further develop our good relationship with Glencore. The extended time charter for Bulk Shanghai secures cash flow through the first quarter of 2021 at a level above our average operating cash breakeven which is estimated at approximately USD 14,000 per day for 2021.”

The Oslo-listed 2020 Bulkers operates eight Newcastlemax dry bulk vessels in operation, and all of them are fitted with exhaust scrubber systems.

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