2020 Bulkers Ltd. (2020) - Commercial update and key information relating to the dividend for September 2025

Oslo, Norway - October 8, 2025

Commercial update:
In September 2025, the Company achieved average time charter equivalent rate ("TCE")* of approximately US$36,600 per day, gross. The Company's four vessels trading on index-linked time charter earned approximately US$37,200 per day, gross, including average daily scrubber benefits of approximately US$1,000 per day. The Company's two vessels trading on fixed time charter earned approximately US$35,600 per day, gross, including average daily scrubber benefits of approximately US$2,200 per day. The Company had 180 operational days in September 2025.

The Baltic 5TC Capesize Index averaged US$26,520 during September 2025.

* Average time charter equivalent rate, gross, ("TCE") when used by the Company, means time charter revenues and voyage charter revenues excluding address commission plus realized gain (loss) on forward freight agreements, less voyage charter expenses and adjusted from "load to discharge" basis to "discharge to discharge" basis and divided by operational days.

Dividend:

The Board has approved a dividend of US$0.19 per share for September 2025.

Key information:
Dividend amount:   US$0.19 per share
Declared currency:   US$
Date of approval:   October 7, 2025
Last day including right:   October 15, 2025
Ex-date:   October 16, 2025
Record date:   October 17, 2025
Payment date:   On or about October 24, 2025

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

2020 Bulkers Limited press release