By the end of this year, the Oslo Stock Exchange will boast two listed owners of newcastlemax bulk carriers, both founded and backed by businessman Tor Olav Troim.

Newcomer Himalaya Shipping is not ruling out the possibility of merging with its affiliate 2020 Bulkers in the future, a company executive told TradeWinds. But 2020 thinks differently.

But for now the strategy is to keep the two entities separate to preserve 2020 Bulkers' regular dividends, according to Bjorn Isaksen,...