Tor Olav Troim’s 2020 Bulkers began trading on Oslo’s over-the-counter (OTC) market this week, but it is in no rush to invest in additional ships and build up a fleet.

The dry bulk company has a contract for two 208,000-dwt bulkers at New Times Shipbuilding in China, with the first one scheduled for delivery in September 2019.

Sources suggest that to create interest on the OTC market, the company should have more ships.

However, chairman Magnus Halvorsen told TradeWinds: “We are following developments in the market, but we are not inspecting any new ships.”

The deal with New Times includes two firm vessels plus six options with a fixed price that must be declared this month.

Halvorsen suggests that 2020 Bulkers has timed its entry into the market well, as newbuilding prices are already rising.

The company says the ships were ordered at historic low levels. The first two newcastlemaxes cost $44.2m each and the optional six $44.7m each.

All will be delivered by May 2020. About 65% of the contract price is being paid on delivery.

A presentation made ahead of the notation said 2020 Bulkers will have a “pragmatic and opportunistic approach to realising profits either through asset sales or taking part in consolidation when the anticipated recovery in asset values materialises”.

2020 Bulkers shares began trading at NOK 16.30 (about $2), valuing the company at NOK 81.5m, but quickly jumped 53% in thin trading.

Troim’s company Magni Partners owns half of the shares, Halvorsens Fabrikk (Fredrik Halvorsen) 20% and Titan Opportunities Fund 20%.

Magnus Halvorsen has a background from Pareto Securities and Clarksons Platou Securities. Troim has also brought in Jens Martin Jensen as a board member of 2020 Bulkers. Both men are former executives in the Fredriksen group.

Jensen worked with AP Moller-Maersk and Island Shipbrokers before joining John Fredriksen's Frontline in 2004, where he worked until November 2015, when he was chief executive of Frontline Management. He is today responsible for the shipping portfolio of Pillarstone Europe.

Fredriksen has also ordered a series of newcastlemax bulkers at New Times. They will be joining the fleet of Oslo-listed Golden Ocean Group.