Oslo, Norway ,May 8, 2024 2020 Bulkers Ltd. ("2020 Bulkers " or the "Company"), today announced its unaudited financial and operating results for the three months endedMarch 31, 2024 . Key events during the first quarter of 2024 · The Company reported net profit ofUS$28.5 million and EBITDA ofUS$34.4 million for the first quarter of 2024. The results include aUS$20.5 million gain from the sale of Bulk Shanghai which was delivered to the buyer onMarch 20, 2024 . · Achieved average time charter equivalent earnings of approximatelyUS$30,000 per day, gross. · The Company declared total dividends ofUS$1.99 per share for the months of January, February andMarch 2024 . · The Company sold the vessels Bulk Shanghai and Bulk Seoul for a total consideration ofUS$127.5 million . · Terminated interest rate swaps forUS$2.9 million in cash. · Drydocked Bulk Sandefjord and Bulk Santiago at a cost ofUS$2.2 million Subsequent Events · Bulk Seoul was delivered to the buyer onApril 4, 2024 , and the Company estimates to recognize a book gain ofUS$20.6 million in Q2 2024. · Entered into a new amended non-amortizing loan facility, maturing inApril 2029 , lowering the Company's cash breakeven to an estimatedUS$11,800 per day. · Achieved average time charter equivalent earnings forApril 2024 of approximatelyUS$31,300 , per day, gross. · InMay 2024 , the Company declared a dividend ofUS$0.14 per share forApril 2024 . The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q1 2024 Presentation are available in the enclosed files. About2020 Bulkers Ltd. 2020 Bulkers Ltd. is a limited liability company incorporated inBermuda on26 September 2017 . The Company's shares are traded on Oslo Børs under the ticker "2020".2020 Bulkers is an owner and operator of large dry bulk vessels. The Company has six Newcastlemax dry bulk vessels in operation.May 8, 2024 Board of Directors2020 Bulkers Ltd. Oslo, Norway
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