2020 Bulkers Ltd. (2020) - Results for the fourth quarter of 2022

Oslo, Norway, February 8, 2023

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, 2022.

Key events during the fourth quarter of 2022

• The Company reported net profit of US$6.7 million and EBITDA of US$12.1 million for the fourth quarter of 2022.

• Achieved average time charter equivalent earnings of approximately US$25,500 per day, gross.

• The Company declared total cash distributions of US$0.27 per share for the months of October, November and December 2022.

• In October the Company converted the index-linked charter for Bulk Sandefjord into fixed rate charter at US$14,392 per day, gross, for the period from October 19, 2022, until March 31, 2023. In addition, the vessel will earn a premium related to the fuel cost savings from the scrubbers of US$4,500 per day, net, for the same period.

• In December the Company converted the index-linked time charters for Bulk Santiago and Bulk Shenzhen to fixed rate charters for Q1 2023 at a rate of US$16,500, gross, including scrubber benefit. Following the fixed rate charter period, both time charters have been extended with 8-13 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 January 2023 of approximately US$16,500, per day, gross.

• In January 2023, 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 between May and August 2023, with a duration up until April 1, 2025 to June 31, 2025.

• In January 2023, the Company entered into a new the time charter for Bulk Sydney with Koch Shipping. Under the new time charter agreement, which will commence 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 2023, the Company declared a cash distribution of US$0.01 per share for January 2023.

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q4 2022 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.

February 8, 2023

Board of Directors

2020 Bulkers Ltd.

Oslo, Norway