Brief: 2020 Bulkers Says It Has Signed An Agreement To Sell Its 2019 Built Newcastlemax Vessels Bulk Shanghai And Bulk Seoul

2020 Bulkers

12/02/2024 17:51

Feb 12 (Reuters) - 2020 Bulkers Ltd  20202.OL :
    * HAS SIGNED AN AGREEMENT TO SELL ITS 2019 BUILT
NEWCASTLEMAX
VESSELS BULK SHANGHAI AND BULK SEOUL
    * WILL RETAIN VESSELS' OPERATING CASHFLOW UNTIL CLOSING OF
TRANSACTION, WHICH IS EXPECTED TO TAKE PLACE NO LATER THAN MAY
1, 2024
    * DEAL FOR A TOTAL CONSIDERATION OF US$127.5 MILLION
    * CASH FLOW DURING PERIOD IS ESTIMATED TO BE APPROXIMATELY
US$3.5
MILLION
    * EXPECTS TO RECOGNIZE A NET BOOK GAIN OF APPROXIMATELY
US$40
MILLION UPON COMPLETION OF TRANSACTION.
    * ESTIMATED CASH BREAKEVEN WILL BE REDUCED WITH US$1,900 PER
DAY
TO US$14,500 PER DAY
    * COMPANY'S AVERAGE GROSS DEBT PER VESSEL WILL DECREASE FROM
APPROXIMATELY US$25.7 MILLION TO APPROXIMATELY US$23.7 MILLION

Source text for Eikon:  ID:nObidcTF8a 
Further company coverage:  20202.OL 

 ((Reuters.Briefs@thomsonreuters.com;))