Himalaya Takes Control as 2020 Bulkers Reboots With $4 Million War Chest

Himalaya Shipping boosts stake to 54% in 2020 Bulkers, which sold its entire fleet, returned massive dividends, and now sits as a volatile blank-check shell with $4M cash.

Himalaya Shipping has seized majority control of 2020 Bulkers, boosting its stake to 54% effective April 1. The move caps a stunning transformation from a full-fledged dry-bulk shipowner into a cash-rich shell with no fleet, a listing, and a blank slate.

The path here was paved by the complete sale of the fleet, which generated eye-popping first-quarter numbers — net profit of $154.1 million and EBITDA of $157.3 million — but left the company with just $4 million in cash after returning $316.4 million to shareholders. That capital return came as a special dividend worth $13.80 per share, on top of earlier quarterly payouts of $14.05 per share for the January-to-March period.

The dividend triggered a mechanical collapse in the stock price when shares went ex-dividend on April 29. By Friday, the stock closed at NOK 5.32, down 22.97% on the day and 54.96% over the prior 30 days. Annualised 30-day volatility now stands at 147.91%, with a relative strength index of 38.3, suggesting the stock is bruised but not yet deeply oversold.

The operational wind-down accelerated through early 2026. Five ships changed hands in March, and the Bulk Sandefjord followed in April. In the same period, 2020 Bulkers bought back nearly 2.8 million own shares at NOK 129.50 each. The balance sheet tells the rest of the story: equity surged to $292.0 million from $148.4 million at end-2025 as sale proceeds rolled in, while liabilities collapsed to $24.5 million from $121.8 million as debt was repaid.

Now the focus shifts entirely to the next move. Himalaya and Bruton Limited had already taken control of the management company in February for NOK 4 million, and the new majority stake cements their influence over any future direction. With no fleet and only $4 million in cash — barely enough to keep the listing alive — the company is effectively a blank-check vehicle. Management has so far declined to outline any specific acquisition targets, leaving investors to speculate.

The dry-bulk market, meanwhile, is roaring back — just too late for 2020 Bulkers. The Baltic Dry Index stands at 3,151 after a 1.4% dip, while the Capesize index at 5,316 is up 149% year on year. Structural demand from the Simandou iron ore project in West Africa could keep large bulkers busy on long hauls to China, but that benefits operators with vessels, not a shell with an empty hold.

Headwinds are building on the supply side too. An estimated 40 million deadweight tons of new capacity — more than 600 ships — are slated for delivery in 2026, threatening to cap rate gains. Geopolitical risks around the Strait of Hormuz have tied up roughly 210 dry-bulk vessels, about 1% of the fleet, adding another layer of uncertainty.

For now, the stock is waiting on a single catalyst: a strategic decision from Himalaya. Until a concrete project is announced, 2020 Bulkers remains a tiny public vehicle with a cash buffer, a volatile chart, and a big question mark hanging over its next destination.