2020 Bulkers Ltd. (2020) – Conversion of index-linked time charters

Oslo, Norway, November 29, 2023,

2020 Bulkers has converted the index-linked time charters for Bulk Sandefjord, Bulk Shenzhen, Bulk Sydney and Bulk Santos to fixed rate time charters for certain periods starting December 1, 2023 and ending March 31, 2024 as summarized below:

3 vessels fixed for December 2023, at average US$20,841 per day, gross.

4 vessels fixed for January 2024, at average US$19,831 per day, gross.

4 vessels fixed for February 2024, at average US$19,831 per day, gross.

3 vessels fixed for March 2024, at average US$19,177 per day, gross.

In addition, all the above vessels will continue to earn a scrubber benefit during the fixed rate time charter periods.

“We have now secured 45% of available ship days for the first quarter of 2024 at an average rate of US$19,650 per day, plus scrubber benefits. The fixed rates are significantly higher than our cash breakeven, currently estimated at US$16,400 per day. The first quarter is normally the low season in the Capesize market and given the favorable supply and demand outlook for the remainder of 2024 it is currently our intention to maintain a high exposure to the spot market for the balance of 2024”, said Magnus Halvorsen, Chairman of 2020 Bulkers Ltd.

For further queries, please contact:

Magnus Halvorsen, Chairman, 2020 Bulkers Ltd.

Telephone +47 920 20 111

About 2020 Bulkers Ltd.

2020 Bulkers has eight Newcastlemax dry bulk vessels in operation. All vessels are fitted with exhaust scrubber systems.