2020 Bulkers Ltd. (2020) - Results for the first quarter of 2021

Hamilton, Bermuda, April 28, 2021

2020 Bulkers Ltd. (“2020 Bulkers” or the “Company”), today announced its unaudited financial and operating results for the three months ended March 31, 2021.

Key events during the first quarter of 2021

  • The Company reported net profit of US$5.8 million and EBITDA of US$11.1 million for the first quarter of 2021.
  • Achieved average time charter equivalent earnings of approximately US$23,900, per day, gross.
  • The Company declared total cash distributions of US$0.26 per share for the months of January, February and March 2021.
  • In March 2021, the Company converted the index-linked charter hire for Bulk Sao Paulo and Bulk Santos into fixed rate charter hire at US$27,200 per day, gross, for the remainder of 2021. In addition, the vessels earn a profit share based on the fuel cost saving generated by the scrubbers.
  • In March 2021, the Company entered into a 18-24 month time charter agreement for Bulk Shanghai with Koch. The vessel will earn an index-linked rate and a profit share based on the fuel cost saving generated by the scrubbers.

Subsequent Events

  • Achieved average time charter equivalent earnings so far in the second quarter of approximately US$33,700, per day, gross.
  • In April 2021, the Company entered into a 19-23 month time charter agreement for Bulk Shenzhen with Koch. The vessel will earn an index-linked rate and a profit share based on the fuel cost saving generated by the scrubbers.

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q1 2021 Presentation are available in the enclosed files.

About 2020 Bulkers Ltd.

2020 Bulkers Ltd. is a limited liability company incorporated in Bermuda on 26 September 2017. The Company’s shares are traded on Oslo Børs under the ticker “2020”.

2020 Bulkers is an international owner and operator of large dry bulk vessels. The Company has eight Newcastlemax dry bulk vessels in operation.

 

April 28, 2021

Board of Directors

2020 Bulkers Ltd.

Hamilton, Bermuda