Commercial update:

In March 2024, the Company achieved average time charter equivalent rate (“TCE")* of approximately US$35,000 per day, gross. The Company had 198 operational days in March 2024.

The Company’s five vessels trading on index-linked time charter earned approximately US$45,000 per day, gross, including average daily scrubber benefits of approximately US$3,600 per day. The Company’s three vessels trading on fixed time charter earned approximately US$23,800 per day, gross, including average daily scrubber benefits of approximately US$4,400 per day.

Bulk Sandefjord and Bulk Santiago, both trading on index-linked time charter in March, had total off-hire for 26 days in March, due to completion of 5 year special surveys.

Bulk Shanghai and Bulk Seoul ended their respective time charter contracts on March 14, 2024, and March 24, 2024, respectively, and have been delivered to the new owner.

The Baltic 5TC Capesize Index averaged US$31,245 during March 2024.

*Average time charter equivalent rate, gross, (“TCE") when used by the Company, means time charter revenues and voyage charter revenues excluding address commission, less voyage charter expenses and adjusted from “load to discharge” basis to “discharge to discharge” basis and divided by operational days.

Dividend:

The Board has approved a dividend of US$1.79 per share for March 2024. The approved dividend for March 2024 consists of a dividend of US$0.11 per share based on earnings for March 2024 and a Special Dividend of US$1.68 per share.

Key information:

Dividend amount: US$1.79 per share

Declared currency: US$

Date of approval: April 8, 2024

Last day including right: April 15, 2024

Ex-date: April 16, 2024

Record date: April 17, 2024

Payment date: On or about April 24, 2024

About 2020 Bulkers Ltd.

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

2020 Bulkers Ltd. press release