Norwegian shipowner 2020 Bulkers has agreed to sell three of its scrubber-fitted newcastlemax vessels for a combined $209m.

The Oslo-listed company confirmed the sale of the 2019-built Bulk Sandefjord and Bulk Santiago, along with the 2020-built Bulk Shenzhen, to an unnamed third party.

All three vessels remain on charter to Singapore’s Koch Shipping until delivery. The transactions, which are subject to standard closing conditions, are scheduled to conclude in the first quarter of 2026. Until then, 2020 Bulkers will retain operating cashflows from the ships.

The sales are expected to generate a book gain of around $89m, with the board to decide how the proceeds will be allocated once deals are completed.

Led by CEO Lars-Christian Svensen, 2020 Bulkers currently controls a fleet of six newcastlemaxes. The move marks a significant fleet adjustment for the owner, which entered the market with a modern scrubber-fitted newcastlemax programme but has increasingly looked at capital returns to shareholders. In February 2024, the company also sold two 2019-built vessels for $127.5m, further underscoring its strategy of unlocking asset value in a strong S&P market.