2020 Bulkers Ltd. (2020) - Results for the second quarter and first half of 2022
Oslo, Norway, August 17, 2022
2020 Bulkers Ltd. (“2020 Bulkers” or the “Company”), today announced its unaudited financial and operating results for the three and six months ended June 30, 2022.
Key events during the second quarter of 2022
- The Company reported net profit of US$12.0 million and EBITDA of US$17.4 million for the second quarter of 2022.
- Achieved average time charter equivalent earnings of approximately US$32,300 per day, gross.
- The Company declared total cash distributions of US$0.52 per share for the months of April, May and June 2022.
- 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. The Norwegian vessel owning subsidiaries intend to enter into the Norwegian tonnage tax regime.
Subsequent Events
- Achieved average time charter equivalent earnings so far in the third quarter of 2022 of approximately US$30,300, per day, gross.
- In August 2022, the Company extended the index-linked time charter contract for Bulk Sandefjord from August 2022 to August 2023.
- In August 2022, the Company declared a cash distribution of US$0.18 per share for July 2022.
- In August 2022, the Board of 2020 Bulkers Ltd. approved the transfer of tax domicile of the Company from Bermuda to Norway.
- In August 2022, Neil Glass and Mi Hong Yoon resigned as Directors of the Company, while Viggo Bang-Hansen was appointed as a Director of the Company
The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q2 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.
August 17, 2022
Board of Directors
2020 Bulkers Ltd.
Oslo, Norway