2020 Bulkers Ltd. (2020) Commercial update and key information relating to the dividend for November 2025

09 Dec 2025 08:00 CET

Oslo, Norway, December 9, 2025

Commercial update:

In November 2025, the Company achieved average time charter equivalent rate
("TCE")* of approximately US$40,300 per day, gross. The Company's four vessels
trading on index-linked time charter earned approximately US$42,400 per day,
gross, including average daily scrubber benefits of approximately US$1,100 per
day. The Company's two vessels trading on fixed time charter earned
approximately US$36,100 per day, gross, including average daily scrubber
benefits of approximately US$1,000 per day. The Company had 180 operational
days in November 2025.

The Baltic 5TC Capesize Index averaged US$28,732 during November 2025.

*Average time charter equivalent rate, gross, ("TCE") when used by the
Company, means time charter revenues and voyage charter revenues excluding
address commission plus realized gain (loss) on forward freight agreements,
less voyage charter expenses and adjusted from "load to discharge" basis to
"discharge to discharge" basis and divided by operational days.

Dividend:

The Board has approved a dividend of US$0.21 per share for November 2025.

Key information:

Dividend amount: US$0.21 per share

Declared currency: US$

Date of approval: December 8, 2025

Last day including right: December 17, 2025

Ex-date: December 18, 2025

Record date: December 19, 2025

Payment date: On or about January 7, 2026

For further queries, please contact:
Lars-Christian Svensen, Chief Executive Officer, 2020 Bulkers Management AS.
Telephone +47 476 38 756

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

More information:
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