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

Oslo, Norway, November 9, 2022

2020 Bulkers Ltd. (“2020 Bulkers” or the “Company”), today announced its unaudited financial and operating results for the three and nine months ended September 30, 2022.

Key events during the third quarter of 2022

• The Company reported net profit of US$7.3 million and EBITDA of US$12.7 million for the third quarter of 2022.

• Achieved average time charter equivalent earnings of approximately US$25,800 per day, gross.

• The Company declared total cash distributions of US$0.30 per share for the months of July, August and September 2022.

• 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 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.

• In September 2022, the Company converted the index-linked charter for Bulk Sao Paulo into fixed rate charter at US$16,146 per day, gross, for the period from October 1, 2022, until March 31, 2023. In addition, the vessel will still earn a premium related to the fuel cost savings from the scrubbers.

Subsequent Events

• Achieved average time charter equivalent earnings for October 2022 of approximately US$26,700, per day, gross.

• 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 November 2022, the Company declared a cash distribution of US$0.10 per share for October 2022.

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q3 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.

November 9, 2022

Board of Directors

2020 Bulkers Ltd.

Oslo, Norway