2020 Bulkers Ltd. (2020) - Results for the third quarter of 2021

Hamilton, Bermuda - October 27, 2021

2020 Bulkers Ltd. ("2020 Bulkers" or the "Company"), today announced its unaudited financial and operating results for the three and nine months ended September 30, 2021.

Key events during the third quarter of 2021

• The Company reported net profit of US$21.6 million and EBITDA of US$27.1 million for the third quarter of 2021.

• Achieved average time charter equivalent earnings of approximately US$46,000, per day, gross.

• The Company declared total cash distributions of US$0.97 per share for the months of July, August and September 2021.

• In August 2021, the Company converted the index-linked charters for Bulk Sandefjord and Bulk Shanghai into fixed rate charters at US$54,000 per ship per day, gross, for the period from September 1, 2021 until December 31, 2021. In addition, both vessels will still earn a profit share based on the fuel cost savings from the scrubbers.

• In September 2021, the Company converted the index-linked charters for Bulk Shenzhen and Bulk Sydney into fixed rate charters at US$61,628 and US$60,260 per ship per day, gross, for the period from November 1, 2021 until December 31, 2021. In addition, both vessels will still earn a profit share based on the fuel cost savings from the scrubbers.

• At the 2021 Annual General Meeting held June 24, 2021, it was approved to reduce the Share Premium Account (APIC) of the Company by US$75 million and to credit the same amount resulting from the reduction to the Company's Contributed Surplus account, with effect from July 1, 2021.

Subsequent Events
Achieved average time charter equivalent earnings so far in the fourth quarter of approximately US$65,500, per day, gross.

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q3 2021 Presentation are available in the enclosed files.

About 2020 Bulkers Ltd.
2020 Bulkers Limited is a limited liability company incorporated in Bermuda on 26 September 2017. The Company's shares are traded on Oslo Bοrs under the ticker "2020".

2020 Bulkers is an international owner and operator of large dry bulk vessels. The Company has eight Newcastlemax dry bulk vessels in operation.

2020 Bulkers Limited press release