2020 Bulkers is an independent dry bulk shipping company that owns and operates eight scrubber fitted 208,000 DWT Newcastlemax dry bulk carriers.
A fleet of modern, fuel efficient vessels managed by an experienced management and board, combined with a low cost base with moderate and attractively priced debt, gives 2020 Bulkers a strong foundation for creating value for its customers and shareholders.
Our Mission, Vision & Values
To create value for our customers and investors through
safe and reliable operations of our modern fleet.
Integrity | Respect | Compliance
Teamwork | Creativity | Knowledge | Commitment
To be the preferred service
provider in bulk shipping.
The objective for 2020 Bulkers is to maximize shareholder returns from its eight Newcastlemax vessels. The Group will look to charter the vessels to strong counterparties and will focus on returning the maximum capital to the shareholders in the form of a high dividend yield payout.
2020 Bulkers targets a moderate and reasonably priced financial leverage to ensure a sustainable cash breakeven level. 2020 Bulkers will have a strong focus on capital discipline through the business cycles.
2020 Bulkers has an intention to pay out the majority of its free cash flow after debt service on a monthly basis. The first monthly dividend was declared in November 2019. Any dividends declared in the future will be at the sole discretion of the Board and will depend upon earnings, market prospects, current capital expenditure programs and investment opportunities. The timing and amount of dividends, if any, is at the discretion of the Board. The Company cannot guarantee that its Board will declare dividends in the future.
2020 Bulkers is fully commitment to Health, Safety, Quality and the Environment and identifies this as being essential to the long-term financial success of the company. Accidents can be prevented and no personnel injury, damage to property or environment is acceptable.
ealth, whether physical or mental wellbeing, is paramount to quality of life.. 2020 Bulkers is committed to conducting operations and business affairs at the highest industry standards, in a safe and efficient way, with the objective to preserve and enhance the health of our employees.
afety is the core of our activities, both in the office or onboard our ships, and shall be conducted to safeguard persons from harm or injury and prevent damage to property. 2020 Bulkers´ employees are expected to identify operational risks and implement safe work practices.
uality is a keystone of what we do every day at work and we are committed to deliver high quality service to customers. 2020 Bulkers will ensure our crew and ships operate and maintain our ships at the highest quality standard in the industry.
nvironment is under threat and the company believes we all are responsible to preserve and protect the environment from any form of pollution to enhance quality of life for all world citizens and future generations. 2020 Bulkers is committed to ensure employees and contractors understand and comply with the policy to achieve the ultimate target of ‘zero pollution’ by adopting and complying with all relevant laws, guidelines and best practice in the shipping industry.
We believe that strong corporate governance is part of every successful organization and are fully committed at keeping the highest standards in place.
2020 Bulkers Ltd. is subject to Bermuda laws and regulations with regards to corporate governance. Being listed on Oslo Stock Exchange company follows the Norwegian Code of Practice for corporate governance.
Magnus Halvorsen, CEO
Magnus Halvorsen assumed the role of Chief Executive Officer of 2020 Bulkers on 1 January 2019 and also held the position as the Company’s chairman from its inception in September 2017 until September 2018, and Executive Chairman from September 2018 until January 2019. He has also been acting as a Partner at Magni Partners from May 2017 to August 2018. Previously he was a Partner and Head of Capital Markets at Clarksons Platou Securities AS (formerly known as RS Platou Markets AS) between the periods of October 2009 – April 2016; while jointly serving as a member of the Executive Committee. From March 2003 to March 2009 he was a Partner and Head of US Sales at Pareto Securities, while jointly serving as the Chairman of the Board at Nordic Partners for Pareto Securities’ US operations. Mr. Halvorsen is a Norwegian citizen and resides in Norway.
Vidar Hasund, CFO
Vidar Hasund assumed the role of Chief Financial Officer of 2020 Bulkers on 1 January 2019. Hasund was previously the Chief Accounting Officer of Borr Drilling during 2017-2018; other positions he held previously include being Financial Officer and International Tax Accounting Manager at PGS during 2008-2017, financial controller at BW Gas ASA during 2005-2007 and Auditor at KPMG during 2002-2004. He is a Norwegian state authorized public accountant and holds a Master of Accounting and Auditing degree from Norwegian School of Economics. Mr. Hasund is a Norwegian citizen and resides in Norway.
Olav Eikrem, CTO
Prior to being appointed as Chief Technical Officer of 2020 Bulkers on 1 September 2018, Eikrem was employed as Technical Director at Frontline Management AS for the period 2006-2018 in direct continuation from the position as General Manager at Golar Management Ltd during 2003-2006. Other positions he has held throughout his career includes being the Senior Manager and Director at Thome Ship Management during 1997-2003, Fleet Manager at Knutsen OAS Shipping during 1993-1997, Fleet Manager, Assistant, Fleet Manager and Superintendent at JO Management / J.O. Odfjell 1988-1993. Mr. Eikrem is a Norwegian citizen and resides in Norway.
Alexandra Kate Blankenship
Mrs. Blankenship is a Member of the Institute of Chartered Accountants in England and Wales and graduated from the University of Birmingham with a Bachelor of Commerce in 1986. Mrs. Blankenship joined Frontline Ltd in 1994 and served as its Chief Accounting Officer and Company Secretary until October 2005. Among other positions, she has served on the board of numerous companies, including as director and audit committee member of North Atlantic Drilling Ltd. from 2011 to 2018, Archer Limited from 2007 to 2018, Golden Ocean Group Limited from 2004 to 2018, Frontline Ltd. from August 2003 to 2108, Avance Gas Holding Limited from 2013 to 2108, Ship Finance International Limited from October 2003 to 2018, Golar LNG Limited from 2003 to 2015, Golar LNG Partners LP from 2007 to 2015, Seadrill Limited from 2005 to 2018 and Seadrill Partners LLC from 2012 to 2108. Mrs. Blankenship is a UK citizen and resides in the UK.
Mr. Glass was appointed as a director of the Board and a member of the Audit Committee of the Company from 1 July, 2020. He graduated from the University of Alberta in 1983 with a degree in Business. He is a member of both the Chartered Professional Accountants of Bermuda and of Alberta, Canada, and is a Chartered Director and Fellow of the Institute of Directors. Mr. Glass worked for Ernst & Young for eleven years: seven years with Edmonton, Canada office and four years with the Bermuda office. In 1994, he became General Manager and in 1997 the sole owner of WW Management Limited, tasked with overseeing the day-to-day operations of several international companies. Mr. Glass has over 20 years’ experience as both an executive director and as an independent non-executive director of international companies. Mr. Glass currently also serves as a director of the Board and a member of the Audit Committee of Borr Drilling Limited. Mr. Glass is a Canadian Citizen and a resident of Bermuda.
Jens Martin Arveschoug Jensen
Mr. Jensen has served as a director of the Company since October 29, 2017. Mr. Jensen is currently Head of Shipping at New Fortress Energy, USA, prior to that he was a Partner at Pillarstone Europe from November 2016 to August 2019. Previously, he has served as a Director of Frontline Corporate Services (2014-2015), CEO/Managing Director of Frontline Management AS (2008-2014) and Commercial Director of Frontline AS (2004-2008). Mr. Jensen has served as a director of various companies, including Frontline Ltd., Frontline 2012 Ltd., Flex LNG Limited, Frontline Shipping Limited, Frontline Management (Bermuda) Limited and Seateam Shipmanagement. Prior to these roles, he was a Partner/Director at Island Shipbrokers between the periods of 1996 – 2004 and held various positions at A.P. Moller/Maersk Group during 1985-1996 in Copenhagen, Mexico City, Tokyo and Singapore. Mr. Jensen is a Danish citizen.
Georgina Sousa was employed by Frontline Ltd. as Head of Corporate Administration from February 2007 until December 2018. She previously served as a director of Frontline from April 2013 until December 2018, Ship Finance International Limited from May 2015 until September 2016, North Atlantic Drilling Ltd. from September 2013 until June 2018, Sevan Drilling Limited from August 2016 until June 2018 and FLEX LNG LTD. until December 2018. Ms. Sousa also served as a Director of Seadrill Limited from November 2015 until July 2018, Knightsbridge Shipping Limited (the predecessor of Golden Ocean Group Limited) from 2005 until 2015 and Golar LNG Limited from 2005 until 2015. Ms. Sousa served as Secretary for all of the abovementioned companies at various times during the period between 2006 and 2018. She served as secretary of Archer Limited from 2011 until December 2018 and Seadrill Partners LLC from 2012 until 2017. Until January 2007, she was Vice-President Corporate Services of Consolidated Services Limited, a Bermuda Management Company, having joined the firm in 1993 as Manager of Corporate Administration. From 1976 to 1982 Ms. Sousa was employed by the Bermuda law firm of Appleby, Spurling & Kempe as company secretary and from 1982 to 1993 she was employed by the Bermuda law firm of Cox & Wilkinson as senior company secretary. Ms. Sousa is a Bermuda citizen and resides in Bermuda.