2020 Bulkers Ltd. (2020) - Results for the first quarter of 2023

Oslo, Norway, May 10, 2023

2020 Bulkers Ltd. (“2020 Bulkers” or the “Company”), today announced its unaudited financial and operating results for the three months ended March 31, 2023.

Key events during the first quarter of 2023

• The Company reported net profit of US$0.8 million and EBITDA of US$6.4 million for the first quarter of 2023.

• Achieved average time charter equivalent earnings of approximately US$17,500 per day, gross.

• The Company declared total cash distributions of US$0.04 per share for the months of January, February and March 2023.

• In January the Company entered into index-linked time charters for Bulk Santos and Bulk Sao Paulo with a European charterer. The index-linked charters reflect a significant premium to a standard Capesize vessel, as well as an additional premium related to the fuel cost saving from the scrubbers. The new time charters will commence immediately on redelivery from their current employment, expected in July 2023, with a duration up until April 1, 2025 to June 31, 2025.

• In January the Company entered into a new time charter for Bulk Sydney with Koch Shipping. Under the new time charter agreement, which commenced on February 19, 2023, the vessel will earn US$19,000 per day for the first 100 days, thereafter, the charter will convert to a 9-15 month index-linked charter, reflecting a significant premium to a standard Capesize vessel, as well as an additional premium related to the fuel cost saving from the scrubbers.

• In February the Company converted and extended the index-linked time charters for Bulk Shanghai and Bulk Seoul to fixed rate charters from February 10, 2023, until September 30, 2023, at a rate of US$22,850, gross, including scrubber benefit. Following the fixed rate charter periods, both time charters have been extended with 6 months index-linked charters reflecting a significant premium to a standard Capesize vessel, as well as an additional premium related to the fuel cost saving from the scrubbers.

Subsequent Events

• Achieved average time charter equivalent earnings for April 2023 of approximately US$24,400, per day, gross.

• In May 2023, the Company declared a cash distribution of US$0.07 per share for April 2023.

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q1 2023 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 owner and operator of large dry bulk vessels. The Company has eight Newcastlemax dry bulk vessels in operation.

May 10, 2023

Board of Directors

2020 Bulkers Ltd.

Oslo, Norway