2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q3 2023 Earnings Presentation
12 slides from 2020 Bulkers's earnings presentation, Nov 8, 2023
Slide 1: 2020 Bulkers Ltd. Q3 2023 Results presentation
2020 Bulkers Ltd. Q3 2023 Results presentation November 8, 2023 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made November 8, 2023, solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company
Slide 3: Highlights
Highlights Q3 2023 Highlights: • Net profit of US$5.2 million, EPS of US$0.23 • Achieved time charter equivalent earnings of approximately US$21,000 per day, gross • Declared total cash distributions of US$0.12 per share for the months of July - September, 2023 Subsequent events: • Achieved time cha
Slide 4: Key Financials Q3 2023
Key Financials Q3 2023 Income Statement Comments Net profit of US$5.2 million USD million, except per share data Q3 2023 Operating profit of US$8.2 million EBITDA of US$11.1 million Operating Revenues 17.0 Vessel operating expenses (4.9) Earnings per share of US$0.23 Voyage expenses and comm
Slide 5: Key Financials Q3 2023
Key Financials Q3 2023 Balance Sheet Summary Comments Shareholders’ equity of US$157.3 million September 30, Interest bearing debt decreased from US$213.9 million to USD million 2023 US$210.2 million during the quarter reflecting scheduled repayments Total assets 369.6 Equity 157.3 Cash flow f
Slide 6: Continued strong commercial performance
Continued strong commercial performance Peer group Net TCE Capesize / Newcastlemax 30 000 25 000 20 000 15 000 10 000 5 000 - Q3 22 Q4 22 Q1 23 Q2 23 2020 Bulkers Peer 1 Peer 2 Peer 3 Source: Company reports 6|
Slide 7: Market review
Market review 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 J F M A M J J A S O N D 2015-22 max-min range 2023 2015-22 average • Capesize ton-miles growing 3.7% YTD • Demand growth offset by unwinding of congestion to historically low levels Source: Shipping Intelligence Network 7
Slide 8: Our dividend potential is significant
Our dividend potential is significant Illustrative annualized FCF per share 60 50 48 39 40 31 NOK per share 30 23 20 15 10 7 - 10- 000 2 15 000 20 000 25 000 30 000 35 000 40 000 - 10 Capesize rate November – Dec 2023 FFA curve is US$15,500 2024 FFA curve is US$13,900 1) Indicative calculation based
Slide 9: Capesize trade growth and fleet productivity
Capesize trade growth and fleet productivity Capesize ton-miles grew 3.7 % year to date Fleet congestion down to historically low levels 36.00 Bauxite 30.0% 34.00 Iron ore 3.2% 32.00 % of Capesize fleet in port, 7dma 30.00 Minerals -32.2% 28.00 Others -18.8% 26.00 24.00 Coal -3.1% 22.00 -100 -50 0 5
Slide 10: Iron Ore
Iron Ore China Iron Ore Imports up 6% YTD Iron Ore inventories at seasonal lows 40% 160 150 30% 140 20% 130 Million Tonnes YOY Change 120 10% 110 100 0% 90 -10% 80 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Week -20% jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 jan. 22 jan.
Slide 11: Steel market
Steel market World ex-China monthly steel output - YoY China monthly steel output – YoY 50% 25% 40% 20% 15% 30% 10% 20% 5% 10% 0% 0% -5% -10% -10% -20% -15% -30% -20% -40% -25% Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 jan. 22 jan. 23 Source: Shipping I
Slide 12: Favorable supply outlook
Favorable supply outlook % of Capesize fleet on order Limited yard capacity 140 Limited yard capacity before 2027 for Capesize / 120 Newcastlemax 100 Pricing ~$70 mill for a Newcastlemax with scrubber Tightening payment terms 80 60 40 20 0 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13