2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q3 2025 Earnings Presentation
16 slides from 2020 Bulkers's earnings presentation, Nov 12, 2025
Slide 1: 2020 Bulkers Ltd. Q3 2025 Results presentation
2020 Bulkers Ltd. Q3 2025 Results presentation | November 12, 2025
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made November 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 Q3 2025 Highlights: • The Company reported net profit of US$9.8 million and EBITDA of US$14.2 million for the third quarter of 2025. • The Company achieved average time charter equivalent earnings of approximately US$35,100 per day, gross. • The Company declared total dividends of US$0.54
Slide 4: Key Financials Q3 2025
Key Financials Q3 2025 Income Statement Comments Net profit of US$9.8 million USD million, except per share data Q3 2025 Operating profit of US$11.7 million EBITDA of US$14.2 million Operating Revenues and other income 19.3 Vessel operating expenses (3.7) Earnings per share of US$0.43 Voyage
Slide 5: Key Financials Q3 2025
Key Financials Q3 2025 Balance Sheet Summary Comments Shareholders’ equity of US$148.0 million September 30, Interest bearing debt of US$112.5 million. No amortization until USD million 2025 maturity in April 2029. Total assets 263.0 Cash flow from operations was US$12.2 million in Q3 2025 Equ
Slide 6: 2020 Bulkers
2020 Bulkers Fleet of 6 Scrubber-fitted Newcastlemax average age ~5 years Attractive supply demand prospects Market cap ~$316 mln with limited orderbook and Net debt $96 mln increasing tonne mile development 65 consecutive monthly distributions Net profit positive every quarter since ~163% of paid i
Slide 7: Robust cash breakeven
Robust cash breakeven BCI 5TC vs. 2020 CBE 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 CBE • Cash breakeven of US$11,500 per day, requires Capesize rates of US$7,500 per day Source: Shipping Intelligence Netwo
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$25,500 for a standard Capesize 1) Indicative calculation based on current opera
Slide 9: Market review Q3 2025
Market review Q3 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 15% year on year in q3 • Iron ore tonne-miles grew 3% year on year in q3 Source: Shipping In
Slide 10: Capesize tonne-miles Q3 2025
Capesize tonne-miles Q3 2025 Capesize Daily Billion Tonne-mile Development Cape tonne-mile development year on year Q3 1400000 • Bauxite +15% 1300000 • Iron ore +3% 1200000 • Coal -15% 1100000 • Iron ore exports from Brazil +4% y-o-y 1000000 • Iron ore exports from Australia +2% y-o-y 900000 2022 20
Slide 11: Coal market share by segment
Coal market share by segment Coal moving back to Capesize and Newcastlemax 70.0% 60.0% 50.0% Coal trade % share by segment 40.0% 30.0% 20.0% 10.0% 0.0% 01.01.2015 01.01.2016 01.01.2017 01.01.2018 01.01.2019 01.01.2020 01.01.2021 01.01.2022 01.01.2023 01.01.2024 01.01.2025 Cape Pmax Source: Arrow 11
Slide 12: 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 25 180 45% 160 40% 24 140 35% Total Port Inventories (000's tonnes) 23 120 30% % sourced from Brazil Mt/month 100 25% 22 80 20% 21 60 15% 40 10% 20 20 5% 19 0 0%
Slide 13: Tonne-mile demand from iron ore to increase
Tonne-mile demand from iron ore to increase Atlantic volumes increasing Volumes representing # ships* > orderbook Simandou Guinea Start Nov 2025- full capacity Vale capacity increase by 2026 272 2027 20 170 Rio Tinto Chalco 15 Winning 15 60 174 60 Vale WCM Simfer Vargem Capanema S11D Total Ships req
Slide 14: Bauxite
Bauxite World Seaborne Bauxite Trade forecast 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 14 |
Slide 15: 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 9.3% 50 0 0 100 Limited
Slide 16: Thank you
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