# 2020 Bulkers secures new financing agreement for offshore vessel fleet

- **Source:** https://pelavox.com/2020-bulkers-secures-new-financing-agreement-for-offshore-vessel-fleet/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-10T18:00:00+00:00
- **Updated:** 2026-11-10T09:23:06+00:00
- **Section:** Markets
- **Type:** News
- **Topics:** 2020 Bulkers, AHTS Vessels, Offshore Support Vessels, Ship Finance, UMAS 50 AS, Vessel Refinancing

2020 Bulkers has entered into a new $146 million senior financing agreement through its wholly owned subsidiary UMAS 50 AS, supporting the refinancing of vessel-related debt and the financing requirements of its offshore support vessel operations.

The agreement, announced on November 9, 2026, has been arranged by a syndicate of Norwegian and European banks and covers the company’s group of wholly owned ship-owning subsidiaries. It follows the group’s transition from dry bulk shipping into the Anchor Handling Tug Supply (AHTS) vessel sector during 2026.

The financing package comprises a $110 million term loan facility intended to support vessel acquisitions and refinance existing vessel debt, including seller credits. It also includes a $10 million revolving credit facility for general corporate and working capital requirements and a separate $26 million revolving facility to finance special periodic vessel surveys.

The facilities carry interest at compounded SOFR plus a margin of 3.35% per annum and are scheduled to mature on October 30, 2030. Repayment of the term loan will take place through quarterly instalments equivalent to approximately 4% of each tranche’s original principal amount, beginning six months after the relevant drawdown.

A balloon payment representing 40% of the original principal will be due at maturity, alongside the final scheduled instalment. The financing arrangements also include customary financial covenants, including provisions relating to dividends and other distributions.

The agreement comes after a series of corporate transactions through which 2020 Bulkers expanded into the offshore vessel market. In October, the company announced the substantial completion of its acquisition arrangements involving AHTS AS and associated vessel-owning companies, establishing a new operational focus on large anchor-handling vessels.

The new financing structure is intended to support the group’s vessel ownership and funding requirements following this transition, while providing separate facilities for working capital and future vessel surveys.

Although the agreement has been executed, completion of the refinancing and the drawdown of funds remain subject to customary conditions precedent. The company has not confirmed that the full financing amount has been drawn.

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Cite as: "2020 Bulkers secures new financing agreement for offshore vessel fleet", pelavox., 10 November 2026, https://pelavox.com/2020-bulkers-secures-new-financing-agreement-for-offshore-vessel-fleet/