2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q4 2024 Earnings Presentation
18 slides from 2020 Bulkers's earnings presentation, Feb 13, 2025
Slide 1: 2020 Bulkers Q4 2024 Results presentation
2020 Bulkers Q4 2024 Results presentation | February 12, 2025
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made February 12, 2025, solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Compan
Slide 3: Highlights
Highlights Q4 2024 Highlights: • Net profit of US$5.1 million, EPS of US$0.23 • Achieved time charter equivalent earnings of approximately US$27,100 per day, gross • Declared total dividends of US$0.34 per share for the months of October – December 2024 Subsequent events: • Achieved time charter equ
Slide 4: Key Financials Q4 2024
Key Financials Q4 2024 Income Statement Comments Net profit of US$5.1 million USD million, except per share data Q4 2024 Operating profit of US$7.4 million EBITDA of US$9.7 million Operating Revenues 14.8 Vessel operating expenses (4.0) Earnings per share of US$0.23 Voyage expenses and commi
Slide 5: Key Financials Q4 2024
Key Financials Q4 2024 Balance Sheet Summary Comments Shareholders’ equity of US$151.9 million December 31, Interest bearing debt of US$112.5 million. No amortization until USD million 2024 maturity in April 2029. Total assets 266.6 Cash flow from operations was US$6.4 million in Q4 2024 Equit
Slide 6: 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 Historical capesize rates 2020 Bulkers Capesize equivalent CBE • Cash breakeven of US$11,500 per day, requires Capesize rates of US$6,800 per day < OPEX for a
Slide 7: 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 2025 FFA curve is US$19,000 for a standard Capesize 1) Indicative calculation based on current operating bu
Slide 8: Market review 2024
Market review 2024 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 2024 2023 2025 • Capesize ton-miles grew 3.1% from 2023 • Brazilian Iron Ore shipments up 5,2% from 2023 and all-time high • Bauxite expo
Slide 9: 2024 total growth healthy – Capesize market correction in q4
2024 total growth healthy – Capesize market correction in q4 Capesize Daily Billion Tonne-mile Development (30dms*) Capesize ton-miles grew 3.1% from 2023 1400 Coal 1350 1300 1250 Other 1200 1150 1100 Manganese ore 1050 1000 950 2022 2023 2024 900 Bauxite Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov
Slide 10: Coal market share by segment
Coal market share by segment Loss in coal demand to Pmax wiped out Cape gains from Bauxite and Iron Ore in 2H2024 60.0% 50.0% Coal trade % share by segment 40.0% 30.0% 20.0% 10.0% 0.0% Cape Pmax Source: Arrow 10 |
Slide 11: Iron Ore and Coal
Iron Ore and Coal China Iron Ore Imports at all time high China Coal Imports at all time high 1 400.0 450.0 400.0 1 200.0 350.0 1 000.0 300.0 Million Tonnes Million Tonnes 800.0 250.0 600.0 200.0 150.0 400.0 100.0 200.0 50.0 0.0 0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20
Slide 12: Steel market
Steel market World ex-China monthly steel output - YoY China monthly steel output – YoY 25% 50% 20% 40% 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 13: Bauxite
Bauxite World Seabourne Bauxite Trade increasingly important for Capesize 250.0 200.0 150.0 Million Tonnes 100.0 50.0 0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Actual Forecast Expon. (Actual) Source: Arrow Shipbroking 13 |
Slide 14: Tonne-mile demand from iron ore to increase
Tonne-mile demand from iron ore to increase Atlantic volumes increasing Will require 158% of the orderbook* Simandou Guinea Start 2025- full capacity 2027 Vale capacity increase by 2026 20 170 232 Rio Tinto Chalco 15 Winning 15 60 146 60 Vale WCM Simfer Vargem Capanema S11D Total Ships Current Order
Slide 15: Favorable supply side dynamics
Favorable supply side dynamics % of Capesize fleet on order Nominal orderbook vs existing fleet Active shipyards down 50% from peak 120 450 350 Orderbook DWT Capesize fleet DWT 400 100 300 350 #Active shipyards>20,000DWT 80 300 250 Million DWT 250 60 200 200 40 150 100 150 20 7.2% 50 0 0 100 1997 19
Slide 16: Mandatory dry docking to increase in 2025
Mandatory dry docking to increase in 2025 Off hire due to increase from Capesize average age docking schedule Supply constraints 12 • 2010 was a big delivery year - hence over 10% of the fleet will 9.7% engage in 15 year SS in 2025 (23% of the Capesize fleet will need dry 11 dock in total) 8.1% % of
Slide 17: 2020 Bulkers dry dock schedule
2020 Bulkers dry dock schedule 4 vessels will dry dock 1st half 2025 – Fully funded by cash reserves set aside from vessel sales in 2024 Bulk Shenzhen – End February Bulk Sydney – Early March Bulk Sao Paulo – Mid March Bulk Santos – End April Mandatory 5 year class special survey. Drydoc
Slide 18: Thank you
BULKERS i—] N i—) N 4 Ss 0. = E