Oslo, Norway, February 12, 2024

2020 Bulkers Ltd. (the “Company”) announces that it has signed an agreement to sell its 2019 built Newcastlemax vessels Bulk Shanghai and Bulk Seoul to an unaffiliated third party for a total consideration of US$127.5 million. The sale is subject to certain closing conditions, in line with industry standards.

The two vessels are currently owned by Ocean Yield under a sale leaseback arrangement, and the Company has exercised its option with Ocean Yield to effectuate the sale.

The Company will retain the vessels’ operating cashflow until closing of the transaction, which is expected to take place no later than May 1, 2024. Assuming the two vessels each perform two more China-Australia round voyages, based on the current FFA curve, cash flow during the period is estimated to be approximately US$3.5 million.

The Company expects to recognize a net book gain of approximately US$40 million upon completion of the transaction.

As a result of the transaction, the Company’s estimated cash breakeven will be reduced with US$1,900 per day to US$14,500 per day and the Company’s average gross debt per vessel will decrease from approximately US$25.7 million to approximately US$23.7 million.

The Board of Directors of the Company will, subject to completion of the sale, determine the allocation of the net proceeds from the transaction, which may include further debt repayments or a return of capital to shareholders.

For further queries, please contact:

Magnus Halvorsen, Chairperson, 2020 Bulkers Ltd.

Telephone +47 920 20 111

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice was published by Vidar Hasund, CFO, on the date and time as set out in the release.

About 2020 Bulkers Ltd.

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

Forward-Looking Statements 

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although 2020 Bulkers Ltd. believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein.  

The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.