2020 Bulkers Ltd. (2020) – Conversion of index-linked charter hire for Bulk Shenzhen

Hamilton, Bermuda, January 28, 2022

2020 Bulkers has converted the index-linked charter for Bulk Shenzhen into fixed rate charter at US$32,378 per day, gross, for the period from February 1, 2022, until December 31, 2022. In addition, the vessel will still earn a premium related to the fuel cost savings from the scrubbers.

Following the fixed rate conversions of Bulk Shenzhen and Bulk Shanghai, the Company estimates the six vessels trading on index-linked charters, based on current scrubber economics, will need to earn US$8,800 per vessel per day to cover the Company’s cash breakeven for 2022. Based on current scrubber economics, the Company further estimates that a Baltic Index rate of approximately US$4,425 per day would generate rates of US$8,800 per day for the vessels trading on index-linked charters.

The average time charter rate of US$31,640 for the conversions of the Bulk Shanghai and the Bulk Shenzhen time charters, reflects an improvement of 16% or US$4,440 per day relative to the similar conversions done for the Bulk Sao Paulo and Bulk Santos that were done last year on March 2.

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.