2020 Bulkers Ltd. (2020) – Commercial update and key information relating to the cash distribution for February 2021

Hamilton, Bermuda, March 12, 2021

Commercial update:

In February 2021, the Company achieved average time charter equivalent earnings of approximately US$18,800 per day, gross. The Company’s six vessels trading on index-linked time charter earned approximately US$18,600 per day, gross, including average daily scrubber benefits of approximately US$1,200 per day. Bulk Shanghai earned approximately US$19,100 per day, gross, including average daily scrubber benefits of approximately US$800 per day. Bulk Shenzhen earned approximately US$19,800 per day, gross.

The Baltic 5TC Capesize Index averaged US$12,733 during February 2021.

Cash Distribution:

The Board has approved a cash distribution of US$0.03 per share for February 2021. 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$0.03 per share

Declared currency: US$

Date of approval: March 11, 2021

Last day including right: March 22, 2021

Ex-date: March 23, 2021

Record date: March 24, 2021

Payment date: On or about April 9, 2021

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.