2020 Bulkers Ltd. (2020) – Results for the first quarter

2020 Bulkers Ltd. (2020) (“2020 Bulkers” or the “Company”), today announced its unaudited financial and operating results for the three months ended March 31, 2020.

Key events during the first quarter of 2020

• The Company reported net profit of US$0.3 million and EBITDA of US$4.4 million for the first quarter of 2020.

• Achieved average time charter equivalent earnings of approximately US$15,600, per day, gross.

• In January 2020, the Company paid dividends of US$0.04 per share for the month of December, 2019.

• In February 2020, the Company paid dividends of US$0.03 per share for the month of January, 2020.

• On January 6, 2020, the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Shenzhen. Upon departing New Times Shipyard, the Bulk Shenzhen commenced a 11-13 month time charter with ST Shipping, a 100% owned subsidiary of Glencore.

• On January 21, 2020, the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Sydney. Upon departing New Times Shipyard, the Bulk Sydney commenced a 36 month index-linked time charter with Koch Industries.

• In February 2020, the Company converted the index-linked charter hire for Bulk Shenzhen and Bulk Shanghai into fixed rate charter hire at US$21,919 per day, gross and US$22,673 per day, gross, respectively, for the remainder of 2020.

Subsequent Events

• Achieved average time charter equivalent earnings so far in the second quarter of approximately US$18,200.

• Revised delivery dates of the last two newbuildings for the first half of June 2020
• 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 fully drawn amount under the term loan facility

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q1 2020 Presentation are available in the enclosed files.