2020 Bulkers Ltd. (2020) - Results for the first quarter of 2022
Hamilton, Bermuda, April 27, 2022
2020 Bulkers Ltd. (“2020 Bulkers” or the “Company”), today announced its unaudited financial and operating results for the three months ended March 31, 2022.
Key events during the first quarter of 2022
- The Company reported net profit of US$5.9 million and EBITDA of US$11.0 million for the first quarter of 2022.
- Achieved average time charter equivalent earnings of approximately US$24,000, per day, gross.
- The Company declared total cash distributions of US$0.26 per share for the months of January, February and March 2022.
- In January 2022, the Company converted the index-linked charter for Bulk Shanghai into a fixed rate charter at US$30,905 per day, gross, for the period from February 1, 2022, until December 31, 2022. In addition, the vessel earns a premium related to the fuel cost savings from the scrubbers.
- In January 2022, the Company converted the index-linked charter for Bulk Shenzhen into a fixed rate charter at US$32,378 per day, gross, for the period from February 1, 2022, until December 31, 2022. In addition, the vessel earns a premium related to the fuel cost savings from the scrubbers.
- Ms. Georgina Sousa retired as a Director and Company Secretary of the Company effective March 1, 2022. The Board would like to thank Ms. Sousa for her great contribution to the Company, having served as a Director and Company Secretary of the Company since February 2019. Ms. Mi Hong Yoon was appointed Director and Company Secretary effective March 1, 2022.
Subsequent Events
- In April 2022, the Company transferred the eight Newcastlemax dry bulk vessels that it owns and/or operates from subsidiaries domiciled in Liberia to Norwegian limited liability subsidiaries.
- Achieved average time charter equivalent earnings so far in the second quarter of 2022 of approximately US$23,000, per day, gross.
- In April 2022, the Company declared a cash distribution of US$0.12 per share for March 2022.
The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q1 2022 Presentation are available in the enclosed files.
About 2020 Bulkers Ltd.
2020 Bulkers Limited 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 27, 2022
Board of Directors
2020 Bulkers Ltd.
Hamilton, Bermuda