2020 Bulkers, previously known as an investment in the shipping industry, has unexpectedly announced that it will soon rebrand as the owner and operator of large anchor handling vessels. This change is due to strong opportunities in the open seas market.
Details of the Vessel Purchase
2020 Bulkers has entered into an agreement to purchase a fleet of up to 15 large AHTS vessels, and after completing this purchase, it will change its name to AHTS. The company, established in 2017 and previously engaged in Newcastlemax activities in the freight sector, is now seeking new opportunities in the market after reducing its fleet to 6 vessels.
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According to statistics, AHTS AS began operations earlier this year and currently owns seven large anchor handling vessels. The company has also made agreements to purchase three additional vessels. The vessels in the 2020 Bulkers fleet are primarily built by Fincantieri in Italy.
Investment and Future of the Company
2020 Bulkers plans to spend $406 million to acquire AHTS and its vessels. Some of these vessels will be sourced from the United Offshore Support fleet, while others will be obtained from various other companies. The company currently estimates that it will need up to $485 million to finance the new fleet and provide working capital.
The management of the company has stated that after selling its freight fleet, it examined strategic opportunities and ultimately chose to acquire the AHTS fleet and anchor handling vessels. This sector of the industry continues to grow due to high demand and the key services it provides. Additionally, only one large AHTS vessel has been built since 2018, and none are currently under construction, indicating the aging of the current fleet.
2020 Bulkers is looking to expand its operations by forming a team of experienced investors, including Uthalden AS, MH Capital AS, and Songa Capital AS. It has also signed a contract with Tom Babinski as the new CEO of AHTS AS. He has been appointed to this position with extensive experience in the shipping industry, including roles at Aurora Offshore Management and Viking Supply Ships.
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