2020 Bulkers Ltd. (2020) – Commercial update and key information relating to the cash distribution for October 2020

Hamilton, Bermuda, November 12, 2020

Commercial update:

In October 2020, the Company achieved average time charter equivalent earnings of approximately US$22,400 per day, gross. The Company’s two vessels trading on index-linked time charter earned approximately US$33,600 per day, gross, including average daily scrubber benefits of approximately US$1,300 per day. The Company’s six vessels trading on fixed time charter earned approximately US$18,700 per day, gross, including average daily scrubber benefits of approximately US$1,100 per day for three of the vessels.

The Baltic 5TC Capesize Index averaged US$23,634 during October 2020.

Cash Distribution:

The Board has approved a cash distribution of US$0.07 per share for October 2020. The distribution will be made from the Company’s Contributed Surplus account which consists of previously paid in share premium transferred from the Company’s Share Premium account (reference is made to the 2020 Annual General Meeting held August 10, 2020 where it was approved to reduce the Company’s Share Premium account by US$15 million and to increase the Company’s Contributed Surplus account by the same amount).

Key information:

Distribution amount: US$0.07 per share

Declared currency: US$

Date of approval: November 11, 2020

Last day including right: November 13, 2020

Ex-date: November 16, 2020

Record date: November 17, 2020

Payment date: On or about November 27, 2020

For further queries, please contact:

Magnus Halvorsen, Chief Executive Officer, 2020 Bulkers Management AS

Telephone +47 920 20 111

About 2020 Bulkers Ltd.:

2020 Bulkers has eight Newcastlemax dry bulk vessels in operation. All vessels are fitted with exhaust scrubber systems.