2020 Bulkers had an unusually strong finish to 2023, helped by a surprisingly good capesize market.
Index-linked contracts helped the newcastlemax owner extract the most juice from a spike in capesize spot rates during the final quarter.
The Baltic Capesize Index peaked at nearly $55,000 per day during the period, and 2020 Bulkers vessels earn additional scrubber benefits and newcastlemax freight premiums — typically around 40% — on top of prevailing rates.
