2020 Bulkers Ltd. (2020) - Delivery of Bulk Santiago and commencement of Charter

Hamilton, Bermuda, September 19, 2019

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

The vessel will on September 21, 2019 commence a 12-15 month timecharter with Koch Supply & Trading at a fixed rate of USD 19,525 per day. The timecharter was entered into in April 2019 when one-year timecharter rates for a standard Capesize was approximately USD 13,000 per day and reflects a solid premium for the Company’s Newcastlemax, as a function of higher cargo intake and lower consumption. Cash break even for the vessel is estimated at approximately USD 14,000 per day.

For further queries, please contact:

Magnus Halvorsen, Chief Executive Officer,

Telephone +47 920 20 111

About 2020 Bulkers Ltd.:

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