2020 Bulkers is benefiting from moving more of its newcastlemaxes on to variable rates in rising markets.
The Oslo-listed, Tor Olav Troim-backed shipowner said that last month it achieved average time charter equivalent earnings of $25,600 per day for its fleet of eight ships.
This was a 44% premium to the Baltic Exchange's 5TC capesize index and up from $24,400 in April.
