2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q1 2024 Earnings Presentation
12 slides from 2020 Bulkers's earnings presentation, May 8, 2024
Slide 1: 2020 Bulkers Ltd. Q1 2024 Results presentation
2020 Bulkers Ltd. Q1 2024 Results presentation May 8, 2024 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made May 8, 2024, solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company. No
Slide 3: Highlights
Highlights Q1 2024 Highlights: • Net profit of US$28.5 million, EPS of US$1.25 (includes a US$20.5 million gain from the sale of Bulk Shanghai) • Achieved time charter equivalent earnings of approximately US$30,000 per day, gross • Declared total dividends of US$1.99 per share for the months of Janu
Slide 4: Key Financials Q1 2024
Key Financials Q1 2024 Income Statement Comments Net profit of US$28.5 million USD million, except per share data Q1 2024 Operating profit of US$31.7 million EBITDA of US$34.4 million Operating Revenues 40.5 Vessel operating expenses (4.8) Earnings per share of US$1.25 Voyage expenses and co
Slide 5: Key Financials Q1 2024
Key Financials Q1 2024 Balance Sheet Summary Comments Shareholders’ equity of US$178.9 million USD million March 31, 2024 Interest bearing debt decreased from US$206.5 million to US$140 million during the quarter reflecting scheduled Total assets 359.2 repayments and the settlement of the sale l
Slide 6: 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 2015-23 max-min range 2015-23 average Series2 • Capesize ton-miles grew 9% YTD 2024 • Brazilian Iron Ore shipments up 11% YTD Source: Shipping Intelligence Network 6|
Slide 7: New capital structure with robust cash breakeven
New capital structure with robust cash breakeven 250 000 200 000 150 000 100 000 50 000 0 99 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 Historical Capesize rates 2020 Bulker Capesize equivalent CB
Slide 8: Our dividend potential is significant
Our dividend potential is significant Illustrative annualized FCF per share 40 38 35 31 30 24 25 NOK per share 20 18 15 11 10 5 4 0 10 000 15 000 20 000 25 000 30 000 35 000 Standard Cape rate May – December 2024 FFA curve is US$29,000 1) Indicative calculation based on current operating budgets, ve
Slide 9: Capesize trade growth and fleet productivity
Capesize trade growth and fleet productivity Capesize ton-miles grew 9% YTD Fleet congestion in “mid-range” 34 Iron ore 32 Other 30 % of capsize fleet in port, 7 dma Manganese ore 28 Pet coke 26 24 Coal 22 Bauxite -50 0 50 100 150 200 250 300 350 20 Billion ton-miles Jan-16 Jan-17 Jan-18 Jan-19 Jan-
Slide 10: Iron Ore
Iron Ore China Iron Ore Imports up 6% in 2023 Iron Ore inventories in China have risen 40% 150 140 30% 130 20% Million Tonnes 120 YOY Change 10% 110 100 0% 90 -10% 80 1 3 5 7 9 111315171921232527293133353739414345474951 -20% Week jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 jan. 22 jan. 23 jan. 24 5 Yr R
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-24 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Source: Shi
Slide 12: Favorable supply side dynamics
Favorable supply side dynamics % of Capesize fleet on order Nominal orderbook vs existing fleet Active shipyards down 50% from peak 120 450 Capesize 350 Bulkcarrier 400 Fleet 100 Capesize 350 Bulker 300 # Active shipyards >20,000 DWT Orderbook 80 300 Million DWT 250 250 60 200 200 40 150 100 150 20