Oslo-listed 2020 Bulkers has turned into a “resilient cash machine” after completing a rejig of its balance sheet, Clarksons Securities believes.
In the second quarter, the Tor Olav Troim-backed owner completed the sale of the last of its two newcastlemaxes financed through expensive leases, while adding a new cheaper credit facility, the investment bank said.
The move has considerably lowered the company’s cash breakeven, from about $14,500 per day to $11,800 per day [or a $6,800 capesize equivalent], “making the company resilient in almost any rate environment”, analysts led by Frode Morkedal added.
