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2020-06-16

2020 Bulkers Limited: 2020 Bulkers Ltd. (2020) - Delivery of Bulk Santos and commencement of Charter

Hamilton, Bermuda, June 16, 2020

2020 Bulkers is pleased to announce that it today took delivery of the last of the eight 208,000 dwt Newcastlemax newbuildings.

Bulk Santos will on June 18, 2020, commence a 35-37 month index-linked time charter with ST Shipping, a 100% owned subsidiary of Glencore. The index-linked charter rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption. The vessel will also earn an additional premium related to the fuel cost saving from the scrubber.

As the Company's capex program is now concluded, the focus going forward will remain on creating an attractive return to shareholders through safe and reliable operations of our fleet.

For the remainder of 2020, six of our vessels in operation are currently fixed at an average charter rate of approximately USD 19,100 per day, which is expected to cover budgeted G&A, operating costs and debt service for the full fleet of eight vessels. In addition, two vessels will earn an index-linked charter rate reflecting a significant premium to a standard Capesize. The Company will also earn a premium reflecting the fuel cost savings from the scrubbers for a total of four vessels.

For further queries, please contact:

Magnus Halvorsen, Chief Executive Officer, 2020 Bulkers Management AS

Telephone +47 920 20 111

About 2020 Bulkers Ltd.:

2020 Bulkers has eight Newcastlemax dry bulk vessels in operation. All vessels are fitted with exhaust scrubber systems.

Forward-Looking Statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although 2020 Bulkers Ltd. believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein.

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

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