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2020 Bulkers : Results for the Second Quarter and the First Half of 2019

2020 Bulkers Ltd (2020) (“2020 Bulkers” or the “Company”), announces its unaudited financial and operating results for the three and six months ended June 30, 2019.

Key events during the first half of 2019

· The Company reported net losses of US$1.0 million and US$2.4 million for the three and six months ended June 30, 2019, respectively.

· In February, the Company signed a US$240 million bank facility for the financing of its eight 208,000 dwt Newcastlemax newbuildings

· During the first half of 2019, the Company raised new equity through private placements with gross proceeds of US$73.2 million

· In April the Company entered into a timecharter with Koch Supply and Trading for Bulk Sandefjord for a duration of 12-15 months at US$19,525 per day, gross

· In April the Company entered into a timecharter with Koch Supply and Trading for Bulk Santiago for a duration of 12-16 months at US$22,250 per day, gross

Subsequent Events

· In July, the Company entered into a US$5.5 million RCF to be utilized for working capital purposes

· On July 12, 2019, the Company’s shares were listed on the Oslo Axess under the ticker symbol “2020”

· In July, the timecharters for Bulk Sandefjord and Bulk Santiago were transferred to Bulk Santiago and Bulk Seoul, respectively

· In July, the Company entered into a new three-year index-linked timecharter for Bulk Sandefjord with Koch Supply & Trading

· In July, the Company was informed that the deliveries of Bulk Santiago, Bulk Seoul, Bulk Shanghai, Bulk Shenzhen and Bulk Sydney were advanced by approximately eight months relative to the original delivery schedule

· On August 7, 2019 the Company took delivery of the 208,000 dwt Newcastlemax, Bulk Sandefjord. Upon departing New Times Shipyard, the Bulk Sandefjord commenced the three-year index-linked charter with Koch Industries.

The Board of Directors Report and the Condensed Consolidated Financial Statements are available in the enclosed files.

Full Report

Source: Bulkers Limited

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