Tor Olav Troim-backed 2020 Bulkers has slashed its shareholder pay-out for June after earnings dropped for its newcastlemax fleet.
The Oslo-listed company said that time charter equivalent (TCE) earnings were $33,300 per day last month.
The six vessels trading on index-linked deals came in at $32,200, including average daily scrubber benefits of $3,400 per day.
The company’s two bulkers trading on fixed contracts earned $36,500 per day, with the scrubber figure at $4,800, as fuel spreads remained wide.
The Baltic Exchange’s 5TC capesize index averaged $20,883 during June.
In May, the company’s overall TCE number was $39,600 per day, up from $23,600 per day in April.
Index-linked deals paid $40,700 in May, with fixed-rate vessels earning $36,400.
2020 Bulkers said the June dividend would be $0.18 per share as a result, down from $0.26 in May.
The shipowner made a profitable start to 2022, but results showed seasonally softer earnings.
Profit was $5.9m for the first quarter, up by $100,000 compared with the first three months of 2021.
Consistent payer of dividends
The firm declared total cash distributions of $0.26 per share for January, February and March — much less than the $1.20 paid for the final quarter last year.
It has declared dividends or cash distributions for 21 consecutive months.
Six of the company’s bulkers are on charter to Koch Logistics and the other two are contracted to Glencore.
2020 Bulkers brought in a new revenue stream in October, when it signed a contract to provide sister company Himalaya Shipping with technical management of its LNG-fuelled newcastlemaxes, which are being built in China.
