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

08 Feb 2023 08:03 CET

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

More information:
Access the news on Oslo Bors NewsWeb site

581643_2020_Bulkers_Board_of_Directors_Report_Q4_2022.pdf
581643_Presentation_Results_Q4_2022.pdf
581643_2020_Bulkers_Consolidated_financial_statements_Q4_2022.pdf