2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q2 2025 Earnings Presentation
18 slides from 2020 Bulkers's earnings presentation, Aug 13, 2025
Slide 1: Q2 2025 Results presentation
2020 Bulkers Ltd. Q2 2025 Results presentation | August 13, 2025
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made August 13, 2025, 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 Q2 2025 Highlights: • Net profit of US$5.8 million, EBITDA of US$9.6 million, EPS of US$0.25. • Achieved time charter equivalent earnings of approximately US$29,700 per day, gross, including gains on realized forward freight agreements ("FFA"). • Declared total dividends of US$0.37 per sh
Slide 4: Key Financials Q2 2025
Key Financials Q2 2025 Income Statement Comments Net profit of US$5.8 million USD million, except per share data Q2 2025 Operating profit of US$7.2 million EBITDA of US$9.6 million Operating Revenues and other income 14.7 Vessel operating expenses (3.8) Earnings per share of US$0.25 Voyage e
Slide 5: Key Financials Q2 2025
Key Financials Q2 2025 Balance Sheet Summary Comments Shareholders’ equity of US$149.7 million. USD million June 30, 2025 Interest bearing debt of US$112.5 million (US$110.4 million, net of deferred loan costs). No amortization until maturity in Total assets 266.4 April 2029. Equity 149.7 Cash
Slide 6: 2020 Bulkers
2020 Bulkers Fleet of 6 Scrubber-fitted Newcastlemax average age ~5 years Attractive supply demand prospects Market cap ~$290 mln with limited orderbook and Net debt $96 mln increasing tonne mile development 62 consecutive monthly distributions Net profit positive every quarter since ~154% of paid i
Slide 7: Robust cash breakeven
Robust cash breakeven 250 000 200 000 150 000 100 000 50 000 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BCI 5TC 2020 Bulkers BCI equivalent CBE • Cash breakeven of US$11,500 per day, requires Capesize rates of US$7,500 per day Source: Shipping Intelligence Net
Slide 8: Our dividend potential is significant
Our dividend potential is significant Illustrative annualized FCF per share 45 41 40 35 35 30 29 NOK per share 25 22 20 16 15 9 10 5 3 0 10 000 15 000 20 000 25 000 30 000 35 000 40 000 Capesize rate 2025 FFA curve is US$26,500 for a standard Capesize 1) Indicative calculation based on current opera
Slide 9: Market review Q2 2025
Market review Q2 2025 Baltic 5TC Index 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 2015-24 max-min range 2015-24 average 2023 2024 2025 • Bauxite tonne-miles grew 27% year on year • Brazilian iron ore tonne-miles grew 4% year on year • China iron ore impo
Slide 10: Capesize tonne-miles
Capesize tonne-miles Capesize Daily Billion Tonne-mile Development Cape tonne-mile development year on year Q2 1350 • Bauxite +27% 1300 • Iron ore +1% 1250 • Coal -14% 1200 • China imports +3% y-o-y 1150 • Iron ore exports from Brazil +4% y-o-y 1100 1050 1000 2022 2023 2024 2025 950 Tonne-mile Growt
Slide 11: Coal market share by segment
Coal market share by segment Coal moving back to Capesize and Newcastlemax 70.0% 60.0% Coal trade % share by segment 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Cape Pmax Source: Arrow 11 |
Slide 12: Iron ore demand
Iron ore demand China iron ore imports – Remains solid China iron ore inventories set for seasonal rebound China - Imported IO Inventories China seaborne iron ore imports million MT / month 170 120.0 160 110.0 150 Million tonnes 100.0 140 Mt 90.0 130 120 80.0 110 70.0 100 1 6 11 16 21 26 31 36 41 46
Slide 13: Iron ore demand – Long term
Iron ore demand – Long term China Domestic Iron Ore Production (~62% fe) China Imported Inventories – Brazil share and tonne miles rising 25 2023 2024 2025 180 45% 24 160 40% 23 140 35% Total Port Inventories (000's tonnes) 22 120 30% % sourced from Brazil 21 Mt/Motnh 100 25% 20 80 20% 19 60 15% 18
Slide 14: Tonne-mile demand from iron ore to increase
Tonne-mile demand from iron ore to increase Atlantic volumes increasing Will require 156% of the orderbook* Simandou Guinea Start 2025- full capacity 2027 Vale capacity increase by 272 2026 20 170 Rio Tinto Chalco 15 Winning 15 60 174 60 Vale WCM Simfer Vargem Capanema S11D Total Ships required Cape
Slide 15: Bauxite
Bauxite World Seaborne Bauxite Trade forecast adjusted up 15% since Q2 World seaborne bauxite trade mMT 300.0 250.0 200.0 mMT Bauxite 150.0 100.0 50.0 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Actual Forecast Source: Clarksons 15 |
Slide 16: Favorable supply dynamics continue
Favorable supply dynamics continue % of Capesize fleet on order Nominal orderbook vs existing fleet Active shipyards down 60% from peak 120 450 350 Orderbook 400 Capesize 100 fleet DWT 300 350 #Active shipyards>20,000DWT 80 300 250 Million DWT 250 60 200 200 40 150 100 150 20 9.4% 50 0 0 100 Limited
Slide 17: Mandatory dry docking to increase in 2025 and 2026
Mandatory dry docking to increase in 2025 and 2026 Off-hire due to increase from Capesize average age docking schedule Supply constraints 18 35% • 2010 was a big delivery year - 16 1.4 % hence over 10% of the fleet will 30% 1.3 % engage in 15 year SS in 2025 (23% of the Capesize fleet will need dry
Slide 18: Thank you
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