Tor Olav Troim’s 2020 Bulkers raised $6m in a private placement of 800,000 new shares at $7.50 each to fund yard instalments for eight newcastlemaxes under construction in New Times Shipyard in China.
The capital will also be used for general corporate purposes, the company said in a statement.
Bulker 2020 has 11,194,590 shares outstanding after the closing of the private placement.
