2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q3 2024 Earnings Presentation
17 slides from 2020 Bulkers's earnings presentation, Nov 13, 2024
Slide 1: 2020 Bulkers Ltd. Q3 2024 Results presentation
2020 Bulkers Ltd. Q3 2024 Results presentation November 13, 2024 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made November 13, 2024, 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 2024 Highlights: • Net profit of US$11.6 million, EPS of US$0.50 • Achieved time charter equivalent earnings of approximately US$36,600 per day, gross • Declared total dividends of US$0.57 per share for the months of July - September, 2024 Subsequent events: • Achieved time charter equ
Slide 4: Key Financials Q3 2024
Key Financials Q3 2024 Income Statement Comments Net profit of US$11.6 million USD million, except per share data Q3 2024 Operating profit of US$12.5 million EBITDA of US$14.7 million Operating Revenues 19.9 Vessel operating expenses (3.9) Earnings per share of US$0.50 Voyage expenses and co
Slide 5: Key Financials Q3 2024
Key Financials Q3 2024 Balance Sheet Summary Comments Shareholders’ equity of US$157.9 million September 30, Interest bearing debt of US$112.5 million. No amortization until USD million 2024 maturity in April 2029. Total assets 274.1 Cash flow from operations was US$14.8 million in Q3 2024 Equ
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$11,700 per day, requires Capesize rates of US$6,900 per day Source: Shipp
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 December 2024 FFA curve is US$27,000 1) Indicative calculation based on current operating budgets, vessel e
Slide 8: Market review
Market review 90 000 80 000 70 000 60 000 50 000 YTD RATES 66% above 2023 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 YTD 2024 2023 • Capesize ton-miles grew 5.4% YTD 2024 • Brazilian Iron Ore shipments up 18% YTD • Bauxite ton miles 15% above
Slide 9: Capesize trade growth and fleet productivity
Capesize trade growth and fleet productivity Capesize ton-miles grew 5.4% YTD Fleet congestion in “mid-range” 36.00 Coal 34.00 32.00 Other 30.00 % Cape fleet in port Manganese ore 28.00 26.00 Bauxite 24.00 Iron ore 22.00 -100 0 100 200 300 400 500 20.00 billion ton-miles Source: Arrow Shipbroking, S
Slide 10: Iron Ore
Iron Ore China Iron Ore Imports up 5% 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 -20% Week 5 Yr Range 2023 2024 Avg Sources: Shipping Intelligence Network, C
Slide 11: Steel market
Steel market World ex-China monthly steel output - YoY China monthly steel output – YoY 50% 25% 40% 20% 30% 15% 20% 10% 10% 5% 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: Bauxite exports from Guinea
thousan tonne, 30dma 100 150 200 250 300 350 400 450 500 1 7 Bauxite 13 Source: Arrow Shipbroking 19 25 31 37 43 49 55 61 67 73 79 85 91 97 103 109 115 121 2020 127 133 139 145 151 2021 157 163 169 175 181 2022 187 193 199 2023 205 211 Bauxite exports from Guinea 217 223 229 235 2024 241 247 253 259
Slide 13: Tonne-mile demand to rocket on more iron ore from Atlantic
Tonne-mile demand to rocket on more iron ore from Atlantic Atlantic volumes increasing Will require 150% of the orderbook* Simandou Guinea Start 2025 - full capacity 2028 Vale capacity increase by 2026 Rio Tinto 232 Chalco Winning 136 Vale Ships Current Orderbook Sources: Rio Tinto. Vale, Clarksons,
Slide 14: 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 50 0 0 100 1996 1998 20
Slide 15: Mandatory dry docking to increase significantly in 2025-27
Mandatory dry docking to increase significantly in 2025 - 2027 Drydock data implies up to 2-3% further supply restrictions fleet-wide over the next 3 years Cape average age Dry dock requirement 12 3 000 000.00 2 500 000.00 11 2 000 000.00 DWT days 1 500 000.00 10 1 000 000.00 500 000.00 9 0.00 5 10
Slide 16: Net fleet availability next four years
Net fleet availability next four years 2200 # of Capes #Ships avail after added cargo and DD 2150 2100 2050 2000 1950 1900 1850 1800 1750 1700 2024 2025 2026 2027 2028 • Net effect of new volumes from Simandou and additional • Combined net effect of 290 Capes, which does NOT include DD and new deliv
Slide 17: Thank you
Thank you 17 |