2020 Bulkers Limited (2020) - Delivery of Bulk Sandefjord and commencement of Charter

Hamilton, Bermuda, 8 August, 2019

2020 Bulkers is pleased to announce that it yesterday took delivery of the first of the eight 208,000 dwt Newcastlemax newbuildings from New Times Shipyard. Five further vessels are expected to be delivered within the next five months, and all eight vessels are expected to be delivered by May 2020.

The vessel will commence a 3-year index-linked timecharter with Koch Supply & Trading upon sailing from the shipyard. The time charter equivalent dayrate at commencement will be approximately USD 35,000 reflecting a healthy capesize market as well as a solid premium to a standard capesize as a function of higher cargo intake and lower consumption. The rates for Bulk Sandefjord will be market adjusted on a bi-weekly basis. Cash break even for the vessel is estimated at USD 14,500 per day.

For further queries, please contact:

Magnus Halvorsen, Chief Executive Officer,

Telephone +47 920 20 111

About 2020 Bulkers Ltd.:

2020 Bulkers has one vessel in operation and seven Newcastlemax drybulk vessels under construction at New Times Shipyard in China. All vessels will be fitted with exhaust scrubber systems. All ships are expected to be delivered by May 2020.