2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q1 2023 Earnings Presentation
13 slides from 2020 Bulkers's earnings presentation, May 10, 2023
Slide 1: 2020 Bulkers Ltd. Q1 2023 Results presentation
2020 Bulkers Ltd. Q1 2023 Results presentation May 10, 2023 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made May 10, 2023 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 2023 Highlights: • Net profit of US$0.8 million, EPS of US$0.04 • Achieved time charter equivalent earnings of approximately US$17,500 per day, gross • Declared total cash distributions of US$0.04 per share for the months of January – March 2023 • Entered into new index-linked time cha
Slide 4: Key Financials Q1 2023
Key Financials Q1 2023 Income Statement Comments Net profit of US$0.8 million USD million, except per share data Q1 2023 Operating profit of US$3.5 million EBITDA of US$6.4 million Operating Revenues 12.6 Vessel operating expenses (5.0) Earnings per share of US$0.04 Voyage expenses and commi
Slide 5: Key Financials Q1 2023
Key Financials Q1 2023 Balance Sheet Summary Comments Shareholders’ equity of US$154.7 million USD million March 31, 2023 Interest bearing debt decreased from US$221.3 million to US$217.6 million during the quarter reflecting scheduled Total assets 374.4 repayments Equity 154.7 Cash flow from
Slide 6: Continued strong commercial performance
Continued strong commercial performace Peer group Net TCE Capesize / Newcastlemax 35 000 30 000 25 000 20 000 15 000 10 000 5 000 - Q1 22 Q2 22 Q3 22 Q4 22 2020 Bulkers Peer 1 Peer 2 Peer 3 Source: Company reports 6|
Slide 7: Market review
Market review 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 2015-22 max-min range 2023 2022 2015-22 average • Usual seasonal weakness in January and February exacerbated by first CNY in two years without Covid restrictions • Recovery in rates since late Feb
Slide 8: Our dividend potential is significant
Our dividend potential is significant May – Dec 2023 Illustrative annualized FCF per share 45 42 40 35 35 30 28 NOK Per share 25 21 20 15 14 10 6 5 - 15 000 20 000 25 000 30 000 35 000 40 000 Standard Capesize Rate Current Contract coverage May Jun Jul Aug Sep Oct Nov Dec Average Fixed rate rate, gr
Slide 9: Capesize trade growth and fleet productivity
Capesize trade growth and fleet productivity Capesize ton-miles grew 5 % year to date Fleet congestion back at normalized levels Bauxite 36 Iron ore 34 Coal Other 32 % of Capesize fleet in port, 7dma Pet coke 30 Grains Cement/Clinker 28 Nickel ore 26 Aggregates Steel products 24 Copper ore Manganese
Slide 10: 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. 17 jan. 18 jan. 19 jan. 20 jan. 21 jan. 22 jan. 23 Source: Shipping I
Slide 11: Iron Ore
Iron Ore Chinese Iron Ore Imports Chinese Iron Ore Inventories IO Majors’ production guidance 40% 160 350 335 150 320 325 324 30% 320 140 300 308 310 130 20% 275 Million Tonnes 260 Million tonnes 120 YOY Change 250 253 10% 249 110 225 100 0% 200 192 90 189 187 175 -10% 80 1 5 9 13 17 21 25 29 33 37
Slide 12: Most favorable supply side in decades
Most favorable supply side in decades Capesize orderbook as % of fleet Capesize newbuild contracts Capesize scrapping 120 500 18 450 16 100 400 14 350 80 12 300 Million DWT 10 60 250 8 200 40 150 6 100 4 20 50 2 0 0 0 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 1996 1998 20
Slide 13: Meeting new regulations will be a challenge for the industry
Meeting new regulations will be a challenge for the industry 67% of large bulk vessels facing non-compliance by 2030 Vessels built between 2009 and Vessels built post-2016 Vessels built before 20093 20153 unaffected by 20303 313 ships – 15% 1,072 ships – 52% 680 ships – 33% 300 1,385 ships – 67% 12