2020 Bulkers Charts Offshore Future With AHTS Takeover and $485 Million Funding Plan
Published on 09/20/2026 at 19:31 | Editorial boerse-global.de
2020 Bulkers has set in motion a sweeping strategic overhaul, signing a non-binding letter of intent to acquire all outstanding shares of AHTS AS alongside five additional project companies. The move, announced Wednesday, would see the Oslo-listed firm abandon its bulk-shipping roots in favour of a fleet of up to 15 large Anchor Handling Tug Supply (AHTS) vessels.
Trading in the company's shares was briefly halted around the disclosure before resuming at 13:50 CET. Management intends to keep the listing on Euronext Oslo Børs intact once the transaction closes, though that continuity remains subject to formal approval from the exchange operator.
What the Target Brings to the Table
AHTS AS currently owns seven large offshore units and has already secured binding agreements to acquire three more. Together with the five project companies folded into the deal, the combined fleet is projected to reach as many as 15 vessels of this type.
To bankroll the package, 2020 Bulkers has pencilled in financing of roughly USD 485 million. The structure leans on bank facilities of up to USD 160 million, with the remaining funds earmarked for refinancing certain vessels and covering the working capital needed to run the fleet. The company has yet to finalise the financing architecture before the transaction can be executed in binding form.
Should investors sell immediately? Or is it worth buying 2020 Bulkers?
A New Identity to Match a New Course
The pivot extends to the company's name itself. 2020 Bulkers plans to rebrand as AHTS, a change that underscores how far it has moved from its former life as a dry bulk carrier. Shareholders will have their say at an extraordinary general meeting convened for 29 September 2026 at 16:00 CET in Oslo, where the AHTS transaction and all related measures will be put to a vote. The record date for attendance and voting rights has been set at market close next Tuesday.
The Fleet Sale That Cleared the Decks
The offshore venture follows hard on the heels of a complete exit from the company's previous business. All six Newcastlemax vessels were handed over to their new owners in March, with the bulk carrier Sandefjord the last to go in April. That disposal, finalised just over three weeks ago, has since been accompanied by a 79.2% rise in the share price.
The sell-off shaped the company's early-year figures in no small way. For the first quarter of 2026, 2020 Bulkers reported a net profit of USD 154.1 million, with EBITDA of USD 157.3 million and average earnings of about USD 26,700 per day.
Cash Returned, Leadership Retained
A sizeable slice of the proceeds found its way back to investors. On 8 May the company paid a special dividend of USD 13.8 per share, following an ex-dividend date in late April. Net profit for the second quarter of 2026 came in at USD 29.8 million, a period during which the stock has climbed 83.2%.
Shareholders also opted for continuity in the boardroom. At the annual general meeting roughly a month ago — a stretch that has seen the shares gain 46.9% — Magnus Halvorsen, Viggo Bang-Hansen and Lori Wheeler Naess were all re-elected as directors. Ernst & Young AS was reappointed as auditor.
The current board now faces the task of converting the freshly signed letter of intent into binding contracts, a step that would formally open the door to the offshore sector.
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