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2020 Bulkers considering US IPO

2020 Bulkers will likely be listed on the US stock exchange next year, says the company. The US stock exchange will give the best price for the share, says chairman Magnus Halvorsen to Norwegian media.

Photo: Modelfoto/Colourbox

The new Norwegian bulk company 2020 Bulkers, established by Norwegian Tor Olav Trøim, is considering possibilities for an IPO next year, most likely in the US, reports Norwegian media Hegnar.no.

"With our cost effective structure and given that we have ordered very cheaply from a historic perspective, we believe that we have a good starting point for structuring 2020 Bulkers as a trading company. Therefore we are considering a US listing, which has traditionally secured to best pricing for such 'yields,'" says Magnus Halvorsen in an interview with the Norwegian media.

Half of 2020 Bulkers is owned by company Magni Partners, owned by Tor Olav Trøim, Additionally, Norwegian and international investors involved in the bulk company, which thus far has eight newbuildings in its order book.

Vessels ordered by the New Times Shipyard in China will be delivered between 2019 and 2020. Scrubbers will be installed on board all the vessels.

2020 Bulkers is currently listed on the Norwegian OTC list.

English Edit: Lena Rutkowski

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