2020 Bulkers Ltd. announced its agreement to refinance and amend its USD 162.5 million Term Loan Facility maturing in March 2027. Pursuant to the new agreement, the Company will repay USD 27.5 million of the outstanding amount under the Term Loan Facility, which will be replaced with a new non-amortizing USD 112.5 million Loan Facility maturing in April 2029. The new Loan Facility has the following main amendments: Interest rate of SOFR+195 bps, down from SOFR + credit adjustment spread of 0.26161% + 210 bps under the previous Term Loan Facility; Maturity in April 2029, extended from March 2027 under the previous Term Loan Facility; No amortization, compared to USD 10 million in yearly amortization under the previous Term Loan Facility.

The amendments and the new Loan Facility is expected to become effective on April 10, 2024. Following the above debt repayment, the Company holds a cash balance of approximately USD 60 million as of April 9, 2024. Following the refinancing of the Term Loan Facility, the Company's estimated cash breakeven will be USD11,800 per day per vessel.

Each vessel trading on index-linked time charter is estimated to earn USD 11,800 per day with a Baltic 5TC Capesize Index of USD 6,800 per day and with scrubber spread of USD 145 per mt.