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2020-08-13

2020 Bulkers Limited: 2020 Bulkers Ltd. (2020) - Results for the second quarter and the first half of 2020

Hamilton, Bermuda, August 13, 2020

2020 Bulkers Ltd (2020) ("2020 Bulkers" or the "Company"), today announced its unaudited financial and operating results for the three and six months ended June 30, 2020.

Key events during the second quarter of 2020

  • The Company reported net profit of US$2.4 million and EBITDA of US$6.9 million for the second quarter of 2020.

  • Achieved average time charter equivalent earnings of approximately US$19,100, per day, gross.

  • Entered into interest swap arrangements for a notional amount of approximately US$177 million, effectively securing an all-in interest rate of 3% for the outstanding loan amount under the term loan facility

  • In May 2020, the Company converted the index-linked charter hire for Bulk Sandefjord and Bulk Sydney into fixed rate charter hire at US$14,378 per day, gross and US$14,002 per day, gross, respectively, for the remainder of 2020. The vessels will in addition earn a profit share based on the fuel cost saving generated by the scrubbers.

  • On June 4, 2020,  the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Sao Paulo. Upon departing New Times Shipyard, the Bulk Sao Paulo commenced a 35-37 month time charter with ST Shipping, a 100% owned subsidiary of Glencore.

  • On June 16, 2020,  the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Santos. Upon departing New Times Shipyard, the Bulk Santos commenced a 35-37 month index-linked time charter with ST Shipping, a 100% owned subsidiary of Glencore.

Subsequent Events

  • Achieved average time charter equivalent earnings so far in the third quarter of approximately US$23,100, per day, gross.

  • Declared dividend of US$0.01 per share for the month of July, payable on or about September 5, 2020.

 

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q2 2020 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 Axess 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.

 

August 13, 2020                                                                                                                                                            

Board of Directors

2020 Bulkers Ltd.

Hamilton, Bermuda

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