Analysts have backed Oslo-listed 2020 Bulkers as a cash-generator in any kind of market.
The operator of seven newcastlemaxes revealed average time charter equivalent (TCE) earnings of $16,700 per day for May.
The last two vessels trading on index-linked time charters in the spot market made $7,000 per day, including average daily scrubber benefits of $1,300 per day.
The four ships that had fixed time-charter coverage at that time earned $21,600 per day.
