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

Hamilton, Bermuda, January 26, 2022

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

Key events during the fourth quarter of 2021

• The Company reported net profit of US$26.3 million and EBITDA of US$31.4 million for the fourth quarter of 2021.

• Achieved average time charter equivalent earnings of approximately US$52,900, per day, gross.

• The Company declared total cash distributions of US$1.2 per share for the months of October, November and December 2021.

• In November 2021, the Company entered into 10-13 month time charter agreements for Bulk Seoul and Bulk Santiago. The vessels will earn an index-linked rate, reflecting a significant premium to the Baltic 5TC index. In addition, both vessels will earn a profit share based on the fuel cost savings from the scrubbers.

• In December 2021, the Company completed the refinancing of the US$180 million Term Loan Facility maturing in August 2024. At the time of closing, the outstanding amount under the US$180 million Term Loan Facility was replaced with a new US$162.5 million Term Loan Facility maturing in March 2027.

• On December 30, 2021, Mr. Jens Martin Jensen resigned as a Director of the Company effective December 30, 2021. The Board would like to thank Mr. Jensen for his very valuable contributions to the Company, having served as a Director since the Company’s inception. 

• On December 30, 2021, the Company appointed Mr. Magnus Halvorsen as a Director and Chairman of the Board. Following the appointment as a Director and Chairman of the Board, Mr. Halvorsen has resigned as CEO of 2020 Bulkers Management AS, effective as of February 1, 2022.

• On December 30, 2021, the Company appointed Herman Billung as CEO of 2020 Bulkers Management AS, effective as of February 1, 2022. Mr. Billung will also be appointed functioning CEO of Himalaya Shipping Ltd., under the management agreement between 2020 Bulkers Management AS and Himalaya Shipping Ltd.

Subsequent Events

• Achieved average time charter equivalent earnings so far in the first quarter of 2022 of approximately US$22,400, per day, gross.

• In January 2022, the Company declared a cash distribution of US$0.36 per share for December 2021.

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q4 2021 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.

January 26, 2022

Board of Directors

2020 Bulkers Ltd.

Hamilton, Bermuda