2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q2 2024 Earnings Presentation
13 slides from 2020 Bulkers's earnings presentation, Aug 14, 2024
Slide 1: 2020 Bulkers Ltd. Q2 2024 Results presentation
2020 Bulkers Ltd. Q2 2024 Results presentation August 14, 2024 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made August 14, 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.
Slide 3: Highlights
Highlights Q2 2024 Highlights: • Net profit of US$31.1 million, EPS of US$1.36 • Achieved time charter equivalent earnings of approximately US$34,300 per day, gross • Declared total dividends of US$0.52 per share for the months of April - June, 2024 • Delivered Bulk Seoul to the new owner on April 4
Slide 4: Key Financials Q2 2024
Key Financials Q2 2024 Income Statement Comments Net profit of US$31.1 million USD million, except per share data Q2 2024 Operating profit of US$32.1 million EBITDA of US$34.4 million Operating Revenues 38.9 Vessel operating expenses (3.4) Earnings per share of US$1.36 Voyage expenses and co
Slide 5: Key Financials Q2 2024
Key Financials Q2 2024 Balance Sheet Summary Comments Shareholders’ equity of US$160.2 million USD million June 30, 2024 Interest bearing debt decreased from US$140 million to US$112.5 million during the quarter reflecting the US$27.5 Total assets 276.9 million debt repayment in connection with
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 2015-23 max-min range 2024 2023 • Capesize ton-miles grew 7.6% YTD 2024 • Brazilian Iron Ore shipments up 8% YTD • Bauxite ton miles 13.9% above 2023 Source: Shipping Intelligence Network 6|
Slide 7: Robust cash breakeven
Robust cash breakeven 250 000 200 000 150 000 100 000 50 000 0 90 91 92 93 94 95 96 97 98 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 Source: Shipping Intelligence Network. Illustrative Capesize equivale
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 Sept – December 2024 FFA curve is US$26,500 1) Indicative calculation based on current operating budgets, v
Slide 9: Capesize trade growth and fleet productivity
Capesize trade growth and fleet productivity Capesize ton-miles grew 6.3% YTD Fleet congestion in “mid-range” 36.00 Iron ore 34.00 32.00 % of Capesize fleet in port, 7 dma Bauxite 30.00 Other 28.00 26.00 Manganese ore 24.00 Coal 22.00 20.00 -100 0 100 200 300 400 500 billion ton-miles Source: Arrow
Slide 10: China Iron Ore Imports up 6.9% in 2024 YTD
Iron Ore China Iron Ore Imports up 6.9% in 2024 YTD 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 Week -20% Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 5
Slide 11: Bauxite exports from Guinea
Thousand tons daily, 30 dma 100 150 200 250 300 350 400 450 500 1 7 Bauxite 13 19 Source: Arrow Shipbroking 25 31 37 43 49 55 61 67 73 79 85 91 97 103 109 115 121 127 2020 133 139 145 151 2021 157 163 169 175 181 2022 187 day of the year 193 199 2023 205 211 Bauxite exports from Guinea 217 223 229 2
Slide 12: 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 13: 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