2020 Bulkers Ltd. (2020) Conversion of index-linked charter hire for Bulk Sao Paulo and Bulk Santos

Hamilton, Bermuda, March 3, 2021

2020 Bulkers has today converted the index-linked charter hire for Bulk Sao Paulo and Bulk Santos into a fixed rate charter hire at US$27,200 per day, gross, from 4 March 2021 until 31 December 2021. In addition, both vessels will earn a premium related to the fuel cost savings from the scrubbers.

Following the charter conversion for the two vessels, the Company estimates that the remaining six vessels for Q2-Q4 2021 will need to earn approximately US$10,000 per day per vessel for the Company to cover its operating cash breakeven, defined as G&A, operating cost, debt amortization and interest costs.

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.