2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q1 2025 Earnings Presentation
16 slides from 2020 Bulkers's earnings presentation, May 7, 2025
Slide 1: 2020 Bulkers Q1 2025 Results presentation
2020 Bulkers Q1 2025 Results presentation | May 7, 2025
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made May 7, 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. No
Slide 3: Highlights
Highlights Q1 2025 Highlights: • Net profit of US$0.2 million, EPS of US$0.01 • Achieved time charter equivalent earnings of approximately US$19,000 per day, gross • Declared total dividends and cash distributions of US$0.10 per share for the months of January – March 2025 • Completed drydocking for
Slide 4: Key Financials Q1 2025
Key Financials Q1 2025 Income Statement Comments Net profit of US$0.2 million USD million, except per share data Q1 2025 Operating profit of US$2.0 million EBITDA of US$4.3 million Operating Revenues and other income 9.5 Vessel operating expenses (3.8) Earnings per share of US$0.01 Voyage ex
Slide 5: Key Financials Q1 2025
Key Financials Q1 2025 Balance Sheet Summary Comments Shareholders’ equity of US$150.1 million USD million March 31, 2025 Interest bearing debt of US$112.5 million. No amortization until maturity in April 2029. Total assets 269.2 Cash flow from operations was US$3.0 million in Q1 2025, net 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 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 7: Our dividend potential is significant
Our dividend potential is significant Illustrative annualized FCF per share 45 42 40 36 35 29 30 NOK per share 25 23 20 16 15 10 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$20,000 for a standard Capesize 1) Indicative calculation based on current oper
Slide 8: Market review Q1 2025
Market review Q1 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 2024 2023 2025 • Bauxite tonne-miles grew 43% year on year • Brazilian iron ore tonne-miles grew 3% year on year • Global coal tonne-m
Slide 9: Capesize tonne-miles
Capesize tonne-miles Capesize Daily Billion Tonne-mile Development Cape tonne-mile development year on year Q1 1350 1300 • Bauxite +43% • Minor Cape bulk +69% 1250 • Iron ore -2.8% 1200 • Coal -30% 1150 • Positive development vs Q4 2024 1100 • Iron ore exports from Australia hit by weather 1050 disr
Slide 10: 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 10 |
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-25 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-
Slide 12: 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 12 |
Slide 13: Tonne-mile demand from iron ore to increase
Tonne-mile demand from iron ore to increase Atlantic volumes increasing Will require ~160% 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 Orde
Slide 14: Favorable supply dynamics continue
Favorable supply dynamics continue % of Capesize fleet on order Nominal orderbook vs existing fleet Active shipyards down 50% from peak 120 450 350 Capesize 400 orderbook 100 mDWT 350 Capesize 300 fleet DWT #Active shipyards>20,000DWT 80 300 250 250 60 200 200 40 150 100 150 20 7.9% 50 0 0 100 Limit
Slide 15: 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 12 • 2010 was a big delivery year - 1.4 % hence over 10% of the fleet will 1.3 % engage in 15 year SS in 2025 (23% of the Capesize fleet will need dry 11 dock in
Slide 16: Thank you
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