2020 Bulkers Ltd. (2020) - Results for the fourth quarter

Hamilton, Bermuda, February 11, 2020

2020 Bulkers Ltd (2020) (“2020 Bulkers” or the “Company”), today announced its unaudited financial and operating results for the three months and year ended December 31, 2019.

Key events during the fourth quarter of 2019

• The Company reported net profit of US$1.2 million and EBITDA of US$3.5 million for the fourth quarter of 2019. The results include a non-cash write off of US$0.8 million of deferred financing fees relating to the cancellation of the term loan facility for Bulk Seoul and Bulk Shanghai, as well as a non-cash expense of US$0.3 million related to the Company’s share option program.

• Achieved average time charter equivalent earnings of approximately US$24,100, gross per day

• The Company initiated payment of monthly dividends and paid US$0.055 per share and US$0.08 per share in November and December, respectively

• In October 2019, the Company entered into an 11-13 month index-linked timecharter for Bulk Shanghai with ST Shipping, a 100% owned subsidiary of Glencore

• In October 2019, the Company entered into a sale and leaseback arrangement with Ocean Yield for the Bulk Seoul and Bulk Shanghai.

• In October 2019, the Company entered into an 11-13 month index-linked timecharter for Bulk Shenzhen with ST Shipping, a 100% owned subsidiary of Glencore

• On October 30, 2019,  the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Seoul. Upon departing New Times shipyard, the Bulk Seoul commenced a 23-25 month time charter with Koch Industries.

• On November 6, 2019,  the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Shanghai. Upon departing New Times shipyard, the Bulk Shanghai commenced the 11-13 month index-linked timecharter with ST Shipping, a 100% owned subsidiary of Glencore.

Subsequent Events

• The Board of Directors on February 10, 2020,  declared a cash dividend of US$0.03 per share for the month of January 2020.

• In January 2020, the Company paid dividends of US$0.04 per share for the month of December, 2019

• Achieved average timecharter equivalent earnings quarter to date in the first quarter, of approximately US$16,500.

• On January 6,  the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Shenzhen. Upon departing New Times Shipyard, the Bulk Shenzhen commenced a 11-13 month time charter with ST Shipping, a 100% owned subsidiary of Glencore.

• On January 21,  the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Sydney. Upon departing New Times Shipyard, the Bulk Sydney commenced a 36 month index-linked timecharter with Koch Industries

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q4 2019 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 in Oslo under the ticker “2020”.

2020 Bulkers is an international owner and operator of large drybulk vessels. The Company currently has six Newcastlemax drybulk vessels in operations and two Newcastlemax drybulk vessels under construction at New Times Shipyard in China. The remaining newbuildings are expected to be delivered from the Yard in April and May 2020.

February 11, 2020

Board of Directors

2020 Bulkers Ltd.

Hamilton, Bermuda